Factors Impacting Your Credit Score

by Dual Income No Kids on July 22, 2009 · 0 comments

Hi All,

The internet is full of information about credit scores. Some of it better than others.

One good source for personal finance tips is Kiplinger. For todays posting, here is a clip from their money basics series. At 3 minutes 54 seconds, its brief and has sound information about what raises or lowers your credit score. We agree with most of these.

For those of you who can’t access the video, the main points are:

A) There aren’t any shortcuts.

B) Factors that lower your score include:
1) Late payments
2) Having too much credit
3) Opening many new accounts
4) Closing older lines of credit

C) Factors that improve your score are:
1) Making payments on time
2) Using only 25-50% of your accounts

D) Scores can be improved quickly. After your behavior changes, you should see improvement in 6 to 12 months.

Here is the kiplinger video:



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