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Top 6 items to monitor when building your credit
#1 Keep your utilization low:
If you keep your utilization rates below 30% (preferably under 10%) — on all accounts in total and on each individual account—most experts agree you'll avoid lowering your credit scores. Letting utilization creep higher will depress your score, and approaching 100% can seriously drive down your credit score. Utilization rate is responsible for nearly one-third (30%) of your credit score.
#2 Try to avoid paying your bills late
Late and missed payments matter a lot. Keep in mind that no single factor helps your credit score more significantly than prompt payment behavior, and few things can torpedo a near-perfect score quicker than missing a payment. This makes up 35% of your credit score.
#3 length of credit history
Time is on your side. Length of credit history is responsible for as much as 15% of your credit score. If all other score influences hold constant, a longer credit history will yield a higher credit score than a shorter one any time.
#4 Applying for new credit
Credit applications and new credit accounts typically have short-term negative effects on your credit score. When you apply for new credit or take on additional debt, credit-scoring systems flag you as being at greater risk of being able to pay your bills. Credit scores drop a small amount when that happens, but typically rebound within a few months, as long as you keep up with all your payments. New credit activity can contribute up to 10% of your overall credit score.
#5 Credit Mix
Debt composition. The FICO® credit scoring system tends to favor multiple credit accounts, with a mix of revolving credit (accounts such as credit cards that enable you to borrow against a spending limit and make monthly payments of varying amounts) and installment loans (e.g., car loans, mortgages and student loans, with set monthly payments and fixed payback periods). Credit mix is responsible for about 10% of your credit score.
#6 try to avoid having any public records appear on your credit report
When public records appear on your credit report they can have severe negative impacts on your credit score. Entries such as evictions, collection accounts and bankruptcies have negative influences and can severely lower your credit score.
Coaching Topics & Services:
Starting and maintaining a business is not for the faint of heart, you need to know who you are and be able to advocate for yourself.
We help to build a stronger more confident You! We help you to explore the following areas to increase self-confidence:
Top 4 things we need to know about finances as a business owner that no one tells you about!
- What are the best methods for raising start-up capital?
- Do you understand how important it is to operate your business separate from your personal finances?
- How important is it to maintain detailed income and expense records?
- What is your understanding regarding available tax deductions that benefit your business?
Business Building and Management
Business Building and Management
Business Building and Management
We provide guidance and support to help you build your business :
- Step by step instruction for starting your business with a solid foundation
- Personal & Business budgeting strategies
- Effective Credit building & monitoring methods for both personal and business
- Business Website & Email Creation Services
Social Media for Business
Business Building and Management
Business Building and Management
All social media networks are not created equally....
While Instagram might be a powerhouse for one brand, it might not do anything for another – and while one business might have tons of engagement on Facebook, another business will gain more traction on LinkedIn, Youtube or maybe Twitter.
With that in mind, how do you choose where to invest your time (and potentially ad spend)? The best move is to have at least a presence on each of the major platforms, and from there, strategically choose which ones will best suit your business and brand. Let's discuss this in detail and figure it out for you!
