How to Properly Read Your Credit Report
Learn how to better understand your credit report and rebuild credit fast in just two minutes or less. Check out the full blog post below for more expert tips and info and get yourself on the road to better credit – fast.
You may already know your credit score. It’s a number – usually between 300 and 850 – that tells lenders how creditworthy you are. There are simple ways to improve your score, but first, you need to understand how you got the score you have. And that means requesting a copy of your credit report.
Just like this pizza, your credit report is made up of a bunch of different ingredients. It includes your payment history, the length of time you’ve had your accounts, your debt, your available credit, recent credit inquiries, your credit mix (that means the different types of credit you have), public records like liens and bankruptcies, and any accounts that’ve been handed over to collections.
You may be doing better in some of those areas than others. But it’s important to realize that not everything I just mentioned has equal influence on your credit score.
For example, your credit mix only makes up about 10% of your score. So, you don’t need to stress too much about that. Your payment history, however, makes up about 35% – a much bigger portion of the pie.
If you’ve been late with credit card payments, it’ll definitely cost you some points. For the same reason, getting in the habit of paying on time is one of the best ways to quickly improve your score.
By the way, there can also be errors in your report. So, if you spot something that shouldn’t be there, you’ll want to dispute it right away.
There’s a lot more to know about your credit score and how to improve it. But requesting and reviewing your free credit report is always the first step. Check out the full blog post for more expert tips and info and get yourself on the road to better credit – fast.
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