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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. Do not use more than 30% of your available credit on each line of credit.  Example: If you use 90% of your credit line on one credit card and 10% on a second credit card and 10% on a third credit card, the 90% usage of your available credit on the first card can negatively impact your credit score.  Keep all lines below 30% usage.
  • 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.


How much does having poor credit cost you?


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