What factors affect the credit score calculation?

CAN SOMEONE TELL ME IF MEDICAL BILLS GO ON YOUR CREDIT REPORT IN MASS

matt, location isn't important. if a creditor reports a medical collection to a credit bureau, it will appear on your credit report, whether in massachusetts or elsewhere.

Facotr which affect your credit score and how

Credit Score:

Your credit score and report is based on the following

35% is based on payment history
30% Amount you owed
15% length of history
10% New credit
10% on types of credit

As you can see 35% is payment history, as you are making payment on time now, it will help you to improve the score quickly and the next 30% is how much you owed. As you keep making payment it will reduce the amoutn you owed helping again to improve your score and report.

15% is length of credit history.

The rest 20% is made up of Type of credit and new credit

So always payattention to yoru first two items

realgeni,

this is a nice illustration in terms of percentage.Surely it will help people while taking any decision pertaining to the mortgage as well as credit score improvement.

keep in touch.....
:arrow: :arrow: :arrow:

Thanks

No problem

While calculating your credit scores all your credit card accounts, loan accounts, finance company accounts are taken into consideration. 30% of your score is based on the amount you owe on credit card and other accounts. Apart from this, approx 15% of your score depends on the duration of your credit history and 35% depend on the payment history.

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Alos go through this page http://www.mortgagefit.com/credit/difference-ficoscore.html

There are five factors that contribute to the credit score & knowing what they are will make it simpler to increase your credit score & credit worthiness. Credit score is calculated on the basis of your payment history, total amount owed, length of credit history, new credit and types of credit used.

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While calculating your credit scores all your credit card accounts, loan accounts, finance company accounts are taken into consideration. 30% of your score is based on the amount you owe on credit card and other accounts. Apart from this, approx 15% of your score depends on the duration of your credit history and 35% depend on the payment history. Watch this to find how credit score is calculated - "www.slideshare.net/creditbuzz/how-credit-score-is-calculated"

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Here are the top factors which affect your credit score:

1. Track record of your payment history
2. Amount you have in your accounts
3. Number of accounts you own