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For other information about the Importance of Credit Scores, please call us
Toll Free (877) 497-8688
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35% = Payment History No 30-day-lates in the last 24 Months is considered Good
30% = Amount Owed Ratio of Balance to Credit Limit of 25% or less is considered Good.
15% = Length of Credit History The older the account the better your score. Accounts open at least 48 months is considered Good.
10% = New Credit Applications Infrequent applications for new credit is considered Good.
10% = Types of Credit Used Secured Loans, Major Credit Cards are considered Good, while Finance Companies and too many credit cards are Not Good.
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Credit scores range from 300 - 850. Only 11% of the general population has a score above 800. While 29% of the general population has a score between 750 and 799. The other 60% of the general population has scores below 750. The lower your credit score, the more difficult obtaining financing can be. You may also end up paying a lot more in up front costs and a higher interest rate. |
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