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How Your Credit History and Credit Score Impacts Your Life |
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Find out how your credit history and credit score impacts your life. Make necessary changes to assure financial success in your future! |
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| Author: Lisa Nichols |
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What Impacts a Credit Score
Many events and activities impact a credit score. Approximately 35 percent of a credit score concerns payment history. Outstanding debt makes up 30 percent of the credit score. The credit history length comprises 15 percent. Ten percent of a credit score is based on inquiries. The last ten percent of a credit score concerns types of credit. Traditionally, information from credit card companies and lenders made up most of the information that impacted a credit score. More frequently, however, cell phone carriers, energy companies and other service providers now report payment information to the credit reporting agencies.
Short-term and Long-Term Effects of Credit Scores
A credit score has a number of short and long-term effects on your life. Getting denied for low interest credit cards or loans and not getting the best loan rates are common short-term effects of having problems in a credit history. A problematic credit score can also have a number of long-term effects on your life. Problems in a credit history like bankruptcies, judgments or collections don’t just go away. Hiring companies, landlords and insurance companies are just a few of the companies using credit histories or credit scores to determine eligibility.
Ways to Improve a Credit Score and Establish Credit History
There are a number of ways to improve a credit score and to establish a solid credit history. A free credit report is available to everyone annually and can be helpful for pinpointing mistakes or suspicious activities. A solid credit monitoring program includes ideas for ways to improve a credit score. A “poor credit” credit can help establish a solid credit history. Prepaid phone cards can also help improve a credit score.
About Author
Lisa Nichols is a freelance writer, website content strategist and marketing and PR strategy consultant. Originally from Eugene, Oregon, Lisa is currently based in Covington, Kentucky (also known as greater Cincinnati, Ohio).
Article Source:
http://www.1888articles.com/author-lisa-nichols-8788.html
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