Two Important Factors Affecting The Credit Score.

In this article we will consider two important factors that affect your credit score.

1. Regular payments on the loan (35%).

Regularity and punctuality of scheduled repayment of the loan – is the most important factor that determines approximately 1 / 3 of the credit score. Banks start from a logical assumption that a person that did not miss payments on the loan for many years will continue to follow the same practice – and thus such a person can be safely lent.

If your credit report has negative marks, they will reduce your score. How much? It depends on how long you missed a payment, how many times such delays occurred, and how difficult it was to get money from you.

One missed payment many years ago will not have a noticeable effect on your score, but if you delayed payments a few times last year – it’s a bad sign for the agency. If you forgot about the date of monthly payment once and one call from a bank employee was enough for you to fulfill your obligations – this will not affect your score. If the bank had to take special measures for tracing, transfer the debt to the collection agency or go to court – a borrower’s credit score will drop very much. Never delay your loan payments.

2. The current total size of the debt (30%).

The second most important factor affecting the credit score – is the size of you current debt. Try to calculate how much money you can borrow – for a car, an apartment, for urgent needs, and so on, and then divide your current debt into this amount: you will get a ratio that indicates how close you are to your “credit ceiling”.

For comparison, the majority of Americans use less than 30% of available loan resources, and only about 12% use more than 80% of possible credits. The closer your total debt to a reasonable maximum, the lenders are less willing to lend money to you.

Resist the temptation to take a favorable credit without pressing need, and try to repay those debts that you can. Always correspond the overall size of your debt to your income.

Can you remember those good times when everybody could take a credit if one needed funds? And just imagine the state of those who must bear that burden nowadays when the economy is facing hard times. And for those people having loans the matter of credit report monitoring is as urgent now as never before. It is not only about loan control, this also allows to save money, time, and nerves and be quick in solving loan related problems. Those who are looking for a spot where to learn about credit reports, are invited to visit this credit monitoring site – there is lots of information about credit monitoring and how to order that service.

Also we haven’t forget about possibilities provided to us by modern technologies. The Internet network provides us with a really unique opportunity to learn what we need or to obtain anything at the best price on the market.

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