Your credit score has become an important factor in determining your ability to get loans and even land a new job. Its important to check your credit score at least once a year to make sure that there are no errors and to identify problems. You can do that for free with each of the 3 credit bureau's at Annualcreditreport.com
Although you can check your credit report here, you will need to pay extra to get your score. It is a good idea to check your credit score before your apply for credit or even a job. If it is low, check you credit report to identify what may be causing the problem. Depending on the lender, a score of 680 or higher may be needed to get a competitive rate on a mortgage. With the recent credit crisis, lending standards have tightened.
Here are the 5 factors that make up your credit score.
- Payment history - 35%
- Amounts owed - 30%
- Length of credit history - 15%
- New credit - 10%
- Types of credit - 10%
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