1) Debt to income ratio (what you owe versus what you make).
2) Paying on time (making late payments will hurt your rating).
3) Paying more than the minimum payment due (even a dollar more is viewed favorably).
4) Inquiries (from creditors that you're applying with) will bring down your score so don't apply for anything that you don't need. When you do apply, make sure that who you do apply with isn't trigger happy and running your credit over and over.
The gentleman above lists a book and a 720 score. 720 is good but you want to keep your score as high as possible. 850 is the highest. I recommend keeping it no lower than 750. Some credit offers, with the lowest rates, require that you have a high score. The lower your score, the more you pay.
2007-09-05 17:12:15
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answer #1
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answered by CUrias 5
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Late payment. There is no such thing as "only" late a couple times. You have to pay everything on time.
Running up credit card debt to more than 50% of available credit limit hurts your score.
2007-09-06 00:04:28
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answer #2
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answered by bdancer222 7
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Check out a book, or audio boook called "7 steps to a 720 credit score." It answers your question, plus taught me things I never knew, like never let your credit card balance get over 30% of your available limit...etc. Great book. You can download it on Bittorrent and stuff like that.
2007-09-06 00:07:14
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answer #3
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answered by tcartpdx 1
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The credit companies confer with each other, and share information. Thus, how punctual (or how negligent) you are settling your bills is a top indicator.
Others would be your salary (and position) in the company, your tenure, your residence (and how long you have been there). Or your wealth (funny how banks offer loans to people who are not asking).
2007-09-06 00:41:02
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answer #4
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answered by Anonymous
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check out the fair isaac website and they will tell you what goes into a fico score.
35% payment history
30% amount owed
15% length of credit history
10% new credit
10% type of credit used
http://www.myfico.com/CreditEducation/
2007-09-06 00:03:26
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answer #5
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answered by Anonymous
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