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Learn How Your Credit Score Is Computed

Are you planning to get a credit card or apply a loan? Credit score play a big factor in your credit application. Find out here how is your credit score is computed so that you will have a better chance of getting approved. For more information read <br><br>Looking for credit cards for people with no credit history http://www.newhorizon.org/Info/unsecured.htm

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Learn How Your Credit Score Is Computed

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  1. Learn How Your Credit Score Is Computed by: www.newhorizon.org

  2. Having a high credit rating can tremendously really make a difference on how creditors grant your credit applications and how lenders give you their rates. What is the best way to improve your credit score? Your credit score is totaled based on five major categories - your payment pattern, your payment history, your debts, the types of your credit, and new credits in your account. Now, let’s discuss each of these credit score categories.

  3. Your Payment Routine Obviously, how good of a payer you are will influence your credit score significantly. To assess your payment pattern, simply ask yourself the following questions: • Do you pay all your bills on time? • Are you in the practice of putting off on your payments? • Do you have delinquent bills in your account?

  4. Your Payment Track Record • How long you’ve had credit also plays a part in your credit report. That's the reason it is crucial to build credit early. It contributes up to your trustworthiness as a borrower. This is also the reasons you ought not to close your account from your old credit cards even when you don’t use often use them. • If your old credit cards carry high interest, use them from time to time to buy inexpensive items simply to keep them from automatically closing out.

  5. Your Debts • The debts you owe will determine if you are a high risk borrower or not. If you are in the practice of maximizing your borrowing limit, then lenders will instantly consider you as risky. • Preferably, debtors should never exceed 30%-40% of their allowable credit.

  6. FOR MORE INFORMATION READ http://www.newhorizon.org/credit-info/tips-to-a-better-credit-report-and-score/ GET A COPY OF YOUR CREDIT REPORT http://www.newhorizon.org/Info/creditreports.htm

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