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4 Things That Affect Your Credit Score

Scottsdale Credit Repair

A credit score is an important aspect of maintaining financial stability and options. Your credit score is an indicator of how you manage your credit as well as a barometer of how creditors and lenders judge you with regards to how you handle your finances. The higher your score the better your creditworthiness is. It is important that you know what affects your credit.


There are a few things you can do to improve your credit such as:


Here are a few key factors that can drop your credit score:

  1. 35% of you credit score is determined from making your payments on time…so, a missed payment can quickly knock down your credit score.
  2. The credit utilization ratio factors 30% of your credit score. Maxing out your credit limit (or maintaining high balances) can also knock down your credit score.
  3. Having too many open lines of credit can also negatively affect your score as the more credit you have extended the higher risk you carry. Be responsible for the amount of credit you extend.
  4. Another major indicator of a credit score is based on what is called “hard inquiries”. Hard inquiries are made each time you open up a new credit line. It is wise to choose your credit requests carefully and avoid multiple lenders making inquiries on your behalf as this too will lower your credit score.
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