What Makes Up Your Credit Score? | Westgate Law

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What Makes Up Your Credit Score?

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Do you know what makes up your credit score?

  • Payment History (35%)
  • Outstanding Debt (30%)
  • Age of Your Credit (15%)
  • Type of Credit (10%)
  • Credit Inquiries (10%)

Payment History: Every six months you complete of positive payments will move your score upward. Make an on time payment every month.

Outstanding Debt: You don’t need to carry a balance to improve your credit. You want your balance to credit ratio as low as possible.

Age of your Credit: Open up new, post-bankruptcy credit accounts as soon as possible. Keep them open for the foreseeable future.

Type of Credit: Aim for 3-5 credit cards. Avoid deferred payment loans. If possible, obtain a mortgage or auto loan. They have the greatest impact.

Credit Inquiries: Too many are negative. Don’t let just anyone run your credit (particularly if you know it will be declined). Be picky and choose those that will be of the most benefit in reaching your goal.

If you need help with bankruptcy or how to manage after bankruptcy, please get in touch with a bankruptcy attorney at southern California’s Westgate Law.

About the Author

Justin Harelik

Justin has a singular goal: to get people out of financial distress and move them to financial stability and prosperity. He does this by combining 15 years of in-depth experience in bankruptcy, credit management, debt negotiation and student loan modifications, and he does it with both English and Spanish-speaking clients.

Call Now For A Free Consultation

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