Finance

May 31 2017

What Hurts and Affects Your Credit Score? 8 Factors – Errors to Fix #guaranteed #credit #card #approval


#how do you find out your credit score
#

What Hurts and Affects Your Credit Score? 8 Factors Financial Errors to Fix

By Matt Breed

Your credit score is the most important factor in determining your interest rates and creditworthiness. The better your credit score, the less interest you will pay on loans and credit lines throughout your life. Having a good credit score can mean potentially hundreds of thousands of dollars in savings on interest payments throughout your life.

The problem is, the three major credit monitoring companies who determine your score (Equifax. Experian, TransUnion) arrive at that important number via an increasingly complex series of algorithms and other factors. If you can figure out exactly how the FICO score is determined, good for you. You are probably the smartest person in the world. For the rest of you, myFICO is a good resource to learn more and figure out what your credit score is.

Fortunately, there is plenty you can do to improve your credit score without agonizing over that mysterious equation. There are also plenty of things not to do. Here are 8 financial missteps that are guaranteed to damage your score.


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