Credit Card DebtThings You Never Knew About Credit Card DebtThings Worth Considering |
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Credit card debt eating you alive? To begin to get a handle on the problem, you should first understand how credit rating agencies score your credit report. There are five basic factors that constitute a credit score. Those factors are outlined here: Payment History: Approximately 35% of a credit score may be based upon payment history. A credit score is negatively impacted if bills are paid late or if there is a history of delinquent payments listed on the credit report, including matters of public record such as bankruptcy, collection accounts, etc. Amounts Owed : Approximately 30% of a credit score may be based upon amounts owed or other outstanding debt. A credit score can be negatively impacted if the amount owed is close to the credit limit. A low balance on two credit cards may be better than a high balance on one credit card. Length of Credit History: Approximately 15% of a credit score may be based upon length of credit history. A credit score can be positively impacted the longer that accounts have been open, especially if they are with one financial institution. Taking on More Debt: Approximately 10% of a credit score may be based upon how much new debt a consumer is incurring. A credit score may be negatively impacted if someone has recently applied for a number of new credit accounts. Promotional inquiries usually do not negatively impact a credit score. Types of Credit in Use: Approximately 10% of a credit score may be based upon the types of credit currently in use by a consumer. A credit score is usually negatively impacted by loans from finance companies. Click on several of the links below on this page to compare deals on debt consolidation. Compare several sites so as to see a good range of choices.
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