Some Major Factors that Can Impact Your Credit Score
An individual needs to always be cognizant of the factors that could affect his credit score. Every time you try to create credit or look for a new credit card, vehicle loan, or mortgage, your credit score is taken into consideration. Your creditworthiness is determined by the three-digit FICO score, on which over 90% of financial decisions are based. FICO scores for frequent flyer credit card deals can range from 300 to 850, and depending on the credit-scoring mechanism, credit ratings from low to extraordinary may change. A "good" credit score is one that ranges from 670 to 739, whereas a score under 670 might hinder you from getting the best interest rates and conditions on loans. If you pay special attention to the following elements, understanding how credit ratings are determined will help you advance your position: Payment history - Your payment history, which makes up about 35% of the total score, is the key factor determining your credit score. This demonstrates