What Info Makes Up Your Credit Score?
In this edition of Tuesday Morning Coffee John Jones gives a quick overview of the information credit reporting companies use to calculate your credit score.
View on iPad/iPhone HERE
JOHN: Hey, guys. John Jones here with another edition of Tuesday Morning Coffee. Today we’re going to talk about what is in a credit score, what makes up a credit score. Actually, guys, there’s about four or five things, and here’s how they’re weighted based on the information that we have. 35% of a credit score is payment history. Very, very big. Pay your bills on time. 30% is on amount owed. How much do you owe on your revolving lines of credit or revolving credit. 15% is credit history. 10% is new credit. 10% is type of credit used.
So all these things go into factoring that score that is so valuable to us when we go to the banks. So the key in my opinion to a great credit score is pay your bills on time and you’ll usually have a pretty score. Anyway, if you have any questions, always feel free to contact us, 867-3020. Thank you.