Late payments, bankruptcy, high credit utilization, and collections can all negatively impact your credit score. So, if you’re looking to build or improve your credit score, then you need to know what factors can bring down your score.
Five key factors include:
- Payment History – Do you consistently pay your debts on time?
- Credit Utilization – How much credit are you using in relation to your credit limit?
- Credit Age – How long have you maintained your credit accounts?
- Credit Mix – What types of credit accounts do you have? Variety is better.
- Credit Inquiries – How often and what type of credit are you applying for?
Only by knowing the five key factors that can impact your score can you start taking the right steps to build and improve your score.
Solutions like RentReporters can help by reporting your on time rent payments to TransUnion.
For more information on RentReporters, visit here.