1) 30% of your score is made up of the ratio between your available credit vs your actual balances on revolving credit accounts (like credit cards).
You don’t want to charge these accounts over 50% of the available balance, and it’s even better if you can keep it under 30% of the available balance.
2) 15% of your credit score comes from the length of time each account has been open, and the length of time since the account’s most recent action.
So, it’s impossible for someone who is new to credit to have a perfect credit score.
A longer credit history provides more information and offers a better picture of long-term financial behavior.
So, to improve your credit score, individuals without a history should begin using credit, and those with credit should maintain long standing accounts.
That’s it for today!
Have a good day today! …and thanks for reading.
Brett
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