Credit score ratings Pittsburgh

3) Length of positive credit history, which counts for about 15%. The longer you maintain accounts in good credit score ratings Pittsburgh standing, the better your score will be. This shows that you are able to make a long-term commitment to a creditor and are consistently responsible about making your payments.

4) Mix of types of credit, which counts for approximately 10%. Having several different types of credit, such a credit cards, consumer loans, and secured debt, will have a positive influence on your credit score. Having too much of one type of credit can have a negative impact. 5) Number of new credit applications you completed recently, which accounts for about 10% of your score. Applying for too much new credit in a short time period makes indicates that you could be credit risk, as you may be desperately trying to credit score ratings Pittsburgh keep your head above water. credit score range The models make an exception for people who are shopping around for a loan, so if you are simply applying to see who can give you the best rate on a new loan, you need not worry too much about damaging your credit score.

Your Question

As you can see that total debt in comparison to the total credit available has a weight of about 30% on your overall score.

As you intend to use only a portion of the total available credit, it should not influence your score to that great an credit score ratings Pittsburgh extent. Although you cannot realistically calculate your own credit score, you can review your credit report for on the five factors I named above to get an idea of whether the accounts listed on your credit report are hurting or helping your credit score. free online credit score You can then take action to credit score ratings Pittsburgh improve any potential problems, such as paying down your balances or paying off collection items. Also, factors such as age, sex, income, and length of employment, have no direct affect on your credit score, and are not considered when the credit score ratings Pittsburgh bureaus calculate your score.

Keep in mind that for most lenders, your credit score is only one aspect, albeit an important one, of your overall credit worthiness, meaning the creditors view of your ability to repay a loan. Your income, for example, is not considered in the calculation of your FICO score, but most lenders will ask you what you earn to analyze your ability to repay the loan. Even if you have an 800 FICO score, if your income is only $10,000/year, a lender will probably not loan you a large sum of money, because despite your past credit habits as measured by your FICO score, the lender can see that you probably cannot afford to repay the loan. best free credit report

If you would like to learn more about credit score ratings Pittsburgh credit reports, credit scoring, and what it means to you, I encourage you to explore the wealth of material offered by Bills.com. Best, Bill www.bills.com First, it is important to understand how your credit score is calculated.