Improve Credit History

Improve Credit History

How Your Credit History and Credit Score Impacts Your Life

Your credit history and credit score have a major impact on your life. A Credit history follows you no matter where you live, work, do your banking or apply for Credit Cards or loans. A Credit Score varies in range from 300 to 900. The national average for a credit score varies, but is usually around 692, says Experian Information Solutions, Inc. Learn more about what impacts a credit score, the short-term and long-term effects of a credit history and ways to improve a credit score.

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 the 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).

How To Improve Credit Scores Through Do-It-Yourself-Credit-Repair

 

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Improve Credit History

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