@becomingfinanciallyfit: How To Get A Perfect Credit Score Credit is hard to come by when you’ve never borrowed, and even harder to attain if you’ve over-borrowed. On the other hand, credit can seem almost limitless when you’ve established yourself as a trustworthy individual with a steady track record of on-time payments. Your Credit Score is calculated based off of the following five factors: 1. Payment History: 35% 2. Amounts Owed or Credit Utilization: 30% 3. Length of Credit History: 15% 4. New Credit or Recent Inquiries: 10% 5. Credit Mix: 10% Based off of these Credit Score Factors, you will be categorized into one of these five Credit Tiers: 1. Poor Credit: 300 - 579 2. Fair Credit: 580 - 669 3. Good Credit: 670 - 739 4. Very Good Credit: 740 - 799 5. Excellent Credit: 800 - 850 In most cases, a credit score of 740 or above will allow you to obtain any type of credit you want at the best interest rates. Additionally, credit scores, not only affect what you can borrow, but it can also affect where you live or work. In summary, at some point your credit score will become a huge factor in your life. Whether that means you are house hunting, car shopping, or making the move into corporate America. The best way to increase your credit score is by understanding where you currently stand. Free apps, like Credit Karma, or Experian are credit tools that break down each one of the credit score factors described above. Take the first step today by checking your credit score and taking charge of your financial future in your journey of Becoming Financially Fit. #credit #creditscore #creditrepair #creditrestoration #creditrepairtips #credittips #credithacks

Becoming Financially Fit

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Tuesday 02 April 2024 21:58:59 GMT