5 factors of a credit score

1. 35% of your credit score is you paying up your out- standing debts on time. Bear in mind that on time is not relative here. It should not be more than 29 days late! This time frame is very important.
2. 30% involves you not maxing out your credit cards. A lot of people out there are guilty of this. Don’t worry, you are not alone. If you are in the
sliding your card until you get declined, you might want to stop this habit completely. No matter what happens, please stay under the 30% margin for the sake of your credit score.
3. Keep your credit as old as possible, and in sim- ple terms, this means that YOU SHOULD NOT CLOSE OUT OLD CREDIT ACCOUNTS! Allow it to grow, the older the better.
4. Keep your credit diverse; the importance of diver- sity cannot even be overstated with regards to bud- geting and keeping a great credit score. Keeping your credit diverse means having an account or two with a loan that you are paying off, this helps more than just a credit card by itself.
5. Stop letting people run your credit all the time! People, people, people!!! Wake up people and take charge of these things. At most, if you will let
GUIDE ON CREDIT AND REPAIR FINANCES 26

someone else run your credit, it should not exceed
five times.

score