Components of Credit
Whether you like it or not, we are all judged by our Credit score in San Diego; even Mr Credit. So, don’t you think it’s a good idea to know what is being judged?
-Understanding the basic components of credit is a good start.
Quick Mr Credit Video about every Component of the Credit Score
Payment History/Past Delinquencies – (35%)
-Mr Credit’s Tip: Make your payments before you become more than 30 days late!
Debt Ratio/Available Credit - (30%)
-Mr Credit’s Tip: Keep a balance of 50% or less than the limit on your credit cards.
Average Account Age – (15%)
-Mr Credit’s Tip: Never close an account. Let it age and grow your score with time.
Mix of Credit – (10%)
-Mr Credit says: To maximize your Credit Score, you want a mortgage, auto loan and at least 3-5 credit cards.
Inquiries - (10%)
-Mr Credit’s Tip: Don’t get them unless you have to. The fewer the better.
Contact Mr Credit San Diego to learn more!