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What makes up your credit score?....

Mortgage and Lending with Gateway Funding

Listed below are the financial behaviors and related factors that each contributes to an overall credit score:

  • 35 percent - An individual's history of making credit payments on time
  • 30 percent - The total amount of debt being carried along with available credit
  • 15 percent - The age of an individual's open credit lines (more history is better)
  • 10 percent - The frequency with which someone applies for new credit
  • 10 percent - Factors such as the types of credit lines

In general, most of the factors that influence credit scores are within the power of consumers to change for the better. All it takes is to consistently make payments on time, not carry too much debt on any one credit card, don't close older accounts unless absolutely necessary and use discretion when applying for new credit.

Rebecca Schrader
Competitive Insurance of Dundee - Dundee, FL

You should call your credit card companies every few months and ask that they raise your credit limit.  This lowers your available credit and raises your score.

Jul 21, 2008 02:10 AM
Fred Griffin Florida Real Estate
Fred Griffin Real Estate - Tallahassee, FL
Licensed Florida Real Estate Broker

We invite you back to ActiveRain in 2017.

  Much has changed since your last blog post.

  Best to you!

Jun 18, 2017 06:52 PM