According to FICO’s credit damage data, one recent late payment can cause as much as a 180-point drop on a FICO score, depending on your credit history and the severity of the late payment. Pay your loans on time, every time. One way to make sure your payments are on time is to set up automatic payments, or set up electronic reminders. If you’ve missed payments, get current and stay current. .
Keep all of your credit card balances below 30%. If possible try to keep below 15-30% if you can. The less credit you use the better. Below 30% is an awesome guideline for most consumers and lower is better for your score.
Credit scores are based on longevity of good credit history. The more experience your credit report shows with paying your loans on time, the more information there is to determine whether you are a good credit recipient.
Did you know every time your credit is ran it creates an inquiry. Hard inquiries specifically refer to instances when a lender accesses your credit report for the purpose of evaluating you as a borrower. The more inquiries you have can result in low scores as well.
Did you know most auto dealerships run your credit with multiple banks for approval? That means rather your are approved or denied those inquiries stay on your credit report. Gain back your negotiating powers obtaining your own approved loan to prevent the headache of inquiry scare.
Download a credit report monitoring app or use free websites to keep up with your scores and data on your credit report.
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