In today’s B’s Finance Minute, let’s talk about factors that can affect your credit score. Studies show that 80% of Canadian’s don’t know their credit score and 63% don’t know how their credit score is determined. This is a mathematical algorithm that predicts how you manage your credit.
The factors that affect your credit score are:
- 35% depends on your payment history
- 35% depends on outstanding balance vs. limit
- 15% depends on recent credit checks
- 15% depends on how long you’ve had your credit history
The higher the score, the better the chances are of you buying with less down, better rates and most importantly, the higher the chance of you getting approved for more. If you want to know more about your credit history, let’s talk! Reply here or send me a private message. This is B’s Finance Minute. My intention in this blog is to create a positive lasting difference. Share this so you can too!