Applying for a loan? Let's hope your credit score is off the charts. What 5 factors impact it?
Answer Payment history + utilization ratio + new applications + length of use + kinds of credit
Your credit score is impacted by your payment history – including whether you've ever missed a payment on debt; utilization ratio – total revolving credit divided by your total credit limit; new applications – recent credit accounts opened; length of use – how long you've had credit accounts; and kinds of credit – your diverse credit portfolio, including loans, credit cars, mortgage, etc.
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