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Your credit score takes in to account your current and past debts and your payment history. It will help determine if you are approved for a loan and what interest rate you will be charged. The higher your credit score, the better your credit rating, and the lower your interest rate. Here are five factors that may affect your credit:
By simply paying your bills on time, you will do well in this category. Paying on time can mean the difference between an average and an exceptional credit score.
There are two main categories of debt: installment debt and revolving debt. Installment debt is a loan that is repaid by the borrower over a set period of time in regular (usually monthly) payments that include principal and interest. Examples of installment debt include an auto loan or mortgage. Revolving debt is money owed to a creditor who sets your monthly payments based on your current balance. Credit cards are an example of revolving debt. A good credit mix would include both types of debt.
The amount you owe is compared to your credit limit, on an individual account basis as well as an overall basis. Pay attention to your balances as they relate to your credit limits, especially on revolving debt.
Keeping your old accounts open and active may help to show a more established credit history. Opening and closing credit accounts frequently may have an impact on your credit score.
Every time you apply for credit, an inquiry will appear on your credit report. Excessively shopping for credit and too many inquiries in a short period of time can hurt your score. Most often, when shopping for a mortgage, multiple mortgage-related inquiries within a short timeframe will be counted as one inquiry.