Hello everyone, this is Kevin from Family Credit Repair, and today we are going to talk about the 5 factors that determine your FICO score.
These five factors are:
Length of credit
And finally, the different types of credit you have
Out of these five factors, the two most important are, “Credit History which is whopping 35% of your FICO credit score” and “Account Balance which is 30% of your FICO Score”.
With all that in mind, here are three very powerful tips that can drastically increase your credit score:
1- Don’t close your old credit card accounts. Pay them off and keep them open
2- If possible, keep your credit card account balances below 40%. Or even better, 20 percent.
3- If you have negative or derogatory items on your credit reports, you NEED to get these removed as soon as possible because these are really bringing down your score. However, this is one of the many things our team at Family Credit Repair can help out with.
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Thank you and have a great day.