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HOW TO IMPROVE YOUR CREDIT SCORE

What Makes up a Credit Score



FICO scores are based on specific credit history, with
hundreds



of inputs used to find your score.
There are 5 main parts of your



credit score.



Payment History : 35% of your
credit score



Payment history measures how you've paid on your debts.



Payment history is the largest part of your credit score
because



if you've recently missed
payments   your creditors, it's
likely



those missed payments will
continue, and may lead to default.



Payment history also measures how "severe" a
missed



payment has been. An item in
collection is worse than an item



paid 30 days late.



Tips to improve : Make payments on
time, all the time -



even items in dispute. Pay the bill
and worry about refunds



later.



Amounts Owed : 30% of your credit
score



Amounts owed measures how "maxed out" you are.
Amounts



owed is the second-largest part of
your credit score because a



person that is maxed out has no
safety valve in the event of a



crisis. Amounts owed is not about
the dollar amount you're



borrowing - it's about the
dollar amount you're borrowing



relative to the amount available to
you.



Tips to improve : Don't close out
"old" credit cards, and



don't lower your available credit
limits. Having access to



credit is good.



Improving Your Credit Score 2011 Trulia.com All Rights
Reserved.



Credit History Length: 15% of your credit score



Your credit history is your track record with respect to
managing



credit. Credit history matters in
the FICO model because



"experienced users of
credit" are viewed differently from new users



of credit. Similar to the hiring
process for a job, the credit bureaus



want to see this isn't your first
experience.



Tips to improve : Don't close cards
with "history". You need



them to show you're experienced
with credit.



New Credit : 10% of your credit
score



Tip:



Don't close "old", no-fee credit



cards when you're done with



them. Instead, use them



periodically, and pay your



balances in full. This builds
credit



history and credit length.



This category accounts for your recent attempts to secure
new credit. In general, the more credit for which you've



applied, the more damage it will do
to your credit score. This is more true for credit
cards than for mortgage



applications. A consumer in search
of new credit cards is presumed to "need" more credit lines.



Tips to improve : When you shop for
a mortgage, multiple credit checks can count as a single credit inquiry,



protecting your credit score.



Types of Credit : 10% of your
credit score



The type of credit you carry matters and not all credit
types are the same. Installment loans such as mortgage loans



and student loans, for example, are
considered "better" than credit cards and charge cards. This is
because



installments loans eventually pay
down to zero. Consumer cards, by contrast, can only go up.



Tips to improve : Don't carry an
abundance of store charge cards. Interest rates are high and the FICO



model looks unfavorably upon them.





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