Want to raise your credit score? Be mindful of the 5 major components that go into your score calculation.
40% Payment History: Pay your bills on time, every time.
23% Credit Usage: Use credit wisely throughout the year to increase your score.
21% Credit Age: A credit card that you have had for 15 years and paid on time every time is valuable to your credit score. Think twice before closing your credit lines.
11% Mix of Credit: The score of a person who only has one credit card will be lower than the person who has a car loan, credit card, and a mortgage (if all other factors are equal).
5% Recent Credit Opened: If you are opening lines of credit, it is best to space out credit inquiries over time. Opening multiple lines of credit all at once or over a short duration will lower your credit score.
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