2007-08-27 11:27:25 · 5 answers · asked by Anonymous in Business & Finance ➔ Credit
The three biggest factors in maintaining good credit are:
1. Making all minimum payments on time.
2. Keeping your ratio of credit used / available credit low.
3. Length of credit history.
Do you make all your payments on time?
If you add up all the credit card limits you have, and then compare them to the actual balances you have, what's the ratio? If you've got a balance more than 30% of your available credit, that hurts your credit.
How long has it been since you first got credit? A couple of years of good payment history and low balances should be enough to build up a strong credit score.
There are some other factors that effect your score, but they are minor. If you've got a bad credit score, it's got to be one of the things above. Work on fixing those problems to bring your credit score up.
2007-08-27 11:34:09 · answer #1 · answered by Uncle Pennybags 7 · 0⤊ 0⤋
Well, credit is basically based upon your past history of credit transactions. This could be paying of credit card bills, loan payments, car loan payments, or any number of things.
When you don't make your payments on time consistently, or fail to repay debts and get yourself even farther down in the hole, it effects your credit score.
The way to repair your credit score is to start making consisten payments and show the companies you are borrowing from that you are someone who they can trust with the money that they give you!!!
A blog I frequent has some articles dealing with credit and debt reduction. The link to this section of the blog is http://www.finance-your-life.com/?cat=5
Happy Monday!
2007-08-27 18:36:48 · answer #2 · answered by daveguy48 2 · 0⤊ 1⤋
either you have ran up lots of unpaid bill or you have no credit at all if you have no credit at all thats just as bad as having bad credit
2007-08-27 18:46:39 · answer #3 · answered by ღOMGღ 7 · 0⤊ 0⤋
Well... I don't know. What's on your credit report? Late payments? Collections? Repo? Bankruptcy? We need more information!
2007-08-27 18:33:34 · answer #4 · answered by Anonymous · 0⤊ 0⤋
because you aren't reliable with repaying other people's money back to them?
2007-08-27 18:33:47 · answer #5 · answered by moaatimo 4 · 0⤊ 0⤋