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How is your credit score calculated?

August 28, 2013 by  
Filed under Blogs, Credit Score

by: .

credit score chartWhen you think of a credit score, what comes to mind?

Is it a singular system used to grade your creditworthiness or a thousands of sets of complex algorithms created by hundreds of companies?

The answer doesn’t really matter because just about every credit scoring formula focuses on 5 main components of your credit report in order to calculate your credit scores.

So let’s go over them and see what your credit score is made of.

Payment History – 35% of your Credit Scores
How well you pay your bills on time.

Utilization Rate – 30% of your Credit Scores
The amount of available credit you have at your disposal.

Length of Credit History – 15% of your Credit Scores
The average length your active accounts have been open.

Mix of Credit – 10% of your Credit Scores
Your utilization of both installment and revolving loans.

Inquiries – 10% of your Credit Scores
Your applications for credit.

CreditFirm.net works on improving your credit scores by improving these 5 factors of your credit reports.


Why Choose CreditFirm.net?

Assurance. Our Credit Repair process was developed by experienced attorneys.

Speed. Documents are typically processed and sent out for investigation within 5 days.

Support. Award winning customer service guarantees your satisfaction.

CreditFirm.net Review


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