What Influences Your Credit Score

Friday November 7, 2008

Your credit score is a pretty important number. Not only does it determine whether you get a credit card or loan, it also influences your ability to buy a house, buy a car, or get a job. If you don't know what makes your credit score go up or down, you don't know what you could be doing to help or hurt your creditworthiness.

Five key things go into your credit score calculation: payment history, level of debt, age of credit history, mix of accounts, and credit inquiries. To learn more about these and how much each influences your credit score, read How Your Credit Score is Calculated.

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November 9, 2008 at 11:50 pm (1) Ran says:

The recent credit crisis will change the way credit score is calculated. Generally if you don’t have any credit score, you can start building by getting a secured credit card.

November 15, 2008 at 2:10 pm (2) David says:

There are 5 parts to your credit score, but they are not equally weighted. Paying on-time makes about 35% of your Fico Score.

More on this website: http://www.quick-guide-usa.com/credit-score-fico.html

November 19, 2008 at 4:43 pm (3) John says:

Well, I am pretty sure that bankruptcy will negatively affect my credit score! Hence, why I am commenting:

Hi there. I have a question that relates specifically to my business.

I am in financial trouble, not unlike many businesses these days, and looking for the best option out there that will not require me to file for bankruptcy and have the least adverse affect on my credit score. My business is a sole proprietorship and most of the debt incurred is as a result of credit cards.

I have heard a lot recently about debt settlement being a good option for individuals. Does this also apply to business owners?

On a strong recommendation from a friend, I am considering calling this company:

debt settlement company

Before I do though, I’m making a tour of the blogs and forums to try and get some expert advice.

Please respond to this comment or email me at dallaslivemusicnow@gmail.com if you have any suggestions for recommendations.

Thanks, and I look forward to hearing from you.

November 19, 2008 at 4:45 pm (4) John says:

Hmm…just tried leaving this comment, but not sure it took. I may have formatted my link incorrectly. I shall try again!

Anyway, I am quite certain that filing for bankruptcy will negatively impact my credit score, and I am desperately trying to avoid that.

I have a question that relates specifically to my business.

I am in financial trouble, not unlike many businesses these days, and looking for the best option out there that will not require me to file for bankruptcy and have the least adverse affect on my personal and business credit. My business is a sole proprietorship and most of the debt incurred is as a result of credit cards.