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Source: creditabsolute.com
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Source: creditabsolute.com
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Payment history is the single most important factor in your credit score, accounting for 35%. Even one 30-day late payment can significantly impact your score (over 100 points) and take 9 months to recover. Late payments on mortgages take even longer to recover from (up to 2 years). Multiple late payments or severe delinquencies (90+ days) can take years to recover from.
While making payments on time is crucial, it’s not the only factor that affects your score. The other 65% of your score is determined by factors like credit card balances, credit mix (types of credit you have), age of credit history, and new credit inquiries.
Having few accounts can make your score more susceptible to damage from late payments. If you have a few accounts and one has a late payment, it will have a bigger impact compared to someone with many accounts.
It’s important to understand the reporting window for late payments. A late payment won’t appear on your credit report until you’re 31 days late. This means you have a grace period to avoid the negative impact by catching up before the 30-day mark.
The speaker, Derek Vogel, encourages viewers to manage their payments carefully and promises to cover credit cards in more detail in part two.
Source: creditabsolute.com
Breaking Down How Credit Cards Impact Your Credit Score In the second part of Derick Vogel’s YouTube series on “How Credit Scores Work”, he discusses credit cards and how they impact your credit score. Credit cards, having the biggest impact on your score, can either be a way to dramatically increase your score or be […]
The post Part 2. Credit Scores Broken Down – Credit Cards – How Credit Scores Work appeared first on Credit Absolute.
Breaking Down Credit Scores – Proper Mix of Credit In the 4th video of the YouTube series which discusses how credit scores are broken down, Derick Vogel explains the “mix of credit” component that makes up a portion of your total credit score. Having a proper mix of credit makes up just 10% of your […]
The post Part 4 – Credit Scores Broken Down – Proper Mix of Credit – Credit Absolute, How Credit Scores Work appeared first on Credit Absolute.
Breaking Down Credit Scores – New Credit In Part 5 of the YouTube series, Credit Scores Broken Down, Derick Vogel discusses the final area that affects your credit score: New Credit. New credit, also commonly referred to as inquiries, makes up a small portion of your credit score. Although it’s frequently brought up when discussing […]
The post Part 5 – Credit Scores Broken Down – New Credit – Credit Absolute, How Credit Scores Work appeared first on Credit Absolute.
Breaking Down Credit Scores – Age of Credit The 3rd part of the “How Credit Scores Work” series, Derick Vogel explains Age of Credit and its part in your total credit score. As Derick explains in the video, age of credit, as part of your credit score, makes up about 15% of your total score, […]
The post Part 3 – Credit Scores Broken Down – Age of Credit – Credit Absolute, How Credit Scores Work appeared first on Credit Absolute.
How Credit Absolute Disputes Your Negative Items Derick Vogel, from Credit Absolute, discusses how Credit Absolute is able to dispute and, ultimately, get negative items removed from your credit report, thus increasing your credit score. He explains how, thanks to the Fair Credit Reporting Act, we can dispute inaccurate information in your credit report. The […]
The post How We Dispute Your Negative Items appeared first on Credit Absolute.