When it comes to understanding your credit score, it’s important to know what you can do to build and improve it. But, did you know that it’s also just as important to know what can negatively impact your score?
Here are three things that can negatively impact your score:
- Late Payments: 35% of your credit score is your payment history, so late payments can hurt your score.
- Carrying High Balances: 30% of your credit score is based on current debts. For example, if you carry a high balance relative to the total credit limit on credit cards, your score can be negatively impacted.
- Lack of Credit History: 15% of your score is based on credit history, which takes into account how long you have had access to credit as well as your payment patterns and credit applications. So, think twice before opening and closing multiple accounts.
RentReporters is helping renters build and improve their credit scores by reporting their on time rent payments to TransUnion.
For more information on RentReporters, visit here.