Why closing an account could damage your credit report score

The average length of your credit history accounts for about 15% of your weighted credit report score calculation. For example, if you have a combination of three revolving accounts and credit cards that have been open for 2, 3, and 7 years then the age of your oldest open account is 7 years. The average [...]

Written on April 9, 2009 | Posted in Fix My Credit

How much you owe affects your credit report score

As we alluded to in creditscore tip #2, the amounts you owe to all your creditors as a percentage of the amount of credit you have available from all your creditors is weighted about 30% of your credit report score calculation.
For example, if the borrowing limit on all your credit cards totals $20,000 and your [...]

Written on April 9, 2009 | Posted in Fix My Credit