We have all seen the ads for monitoring your credit and I think it’s a good idea to know what your scores are-whether you use the service or have another source for your scores. There are ways to make sure your scores stay fairly high; of course the most important being make your payments on time.
The bureaus have an odd way of rating you, but would you expect less from them? Your score depends on your payment history, which is 35% of your score, revolving balances are 30%, number of new and old accounts 15%, the type of credit you have is 10% and the last 10% is inquiries. If you are going to be buying a home, car, or making other large purchases and are going to shop around for loans, I recommend you do it in a 30 day period because your account activity is reported to the bureaus once a month.
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Well put
Thank you for the insightful information.
Great info! And great timing, we are starting to look for a home.