WHAT’S INFLUENCING YOUR CREDIT SCORES?
Credit scoring companies haven’t revealed their exact formula for calculating credit scores, but do agree that two factors have the biggest impact on your credit score- Payment history and amounts owed. Always strive to make your payments on time. Any payment that is 30 days late or more can stay on your credit report for at least 7 years. If you have had a history of late payments, the best thing you can do is to make your payments on time moving forward. The next thing is to look at your high credit limits in relation to the balances owed. Utilizing 30% or less will help to increase your score over time. Meaning if you have a high credit balance of $10,000 try to keep your amount owed to $3000 or less.
You can check out more Experian’s article here: