Yesterday we went over how payment history affects your credit. Amounts owed also affects your credit score. It makes up 30% of your total credit score. Below is an itemized list.
- Amount owing on specific types of accounts
- Lack of specific type of balance (trade lines)
- Proportion of credit line used. Try to keep your credit cards under 33% of limit
- Proportion of installment loan amounts still owing
My wife and I are going to Guatemala tomorrow to do humanitarian work. I will finish up on credit next Tuesday and post up some pictures from our trip. Have a great weekend!
Wednesday, March 14, 2007
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