What Goes Into a Credit Score?
A credit score is an important part of a person's financial life. It is used to determine the borrower's risk level and impact their ability to get access to loans or lines of credit. Knowing what goes into a credit score can help individuals understand how lenders view them and take steps to improve their overall profile.
The most common type of credit score used by lenders is the FICO score, which ranges from 300-850. Factors that go into calculating this number include payment history (35%), amounts owed (30%), length of credit history (15%), new accounts opened (10%), and types of accounts currently held (10%). Payment history carries the most weight, so it's important for people to pay their bills on time, every time. The amount owed also has a large impact on your score since it reflects an individual’s debt load relative to available credit.
The Law Offices of Omar Zambrano has helped thousands of people and them businesses in the past to get out of debt and start over.
Our goal is to help you find a fresh start FAST!
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