Fagin Financial Services

Credit is improved by understanding the 5 factors of credit and adjusting accordingly to optimize each category

1) 🧾Payment history is 35% of your score therefore worth 175 points. Your payment history must be ontime over 97% of the time 1 late payment can make your score nosedive. When you can’t make payments on time make a payment arrangement or place the account in deferment. Dispute all of the negative items on your report that are not 100% accurate and 💯 % verifiable

2) 🏦Utilization ratio is 30% of your score therefore 150 points you MUST use less than 30% of your available balance but I recommend between 1-5% to achieve the best results

3) ⏳Average length of accounts is 15% of your score therefore 75 points anything less than 4 years on avg is fair. Less than 2 years on average is poor. Don’t apply for too much accounts at once and don’t remove your oldest accounts or you will lose age . They’re examining your track record for managing credit.

4) ☯️Account mix is 10% or 50 points. They need to know that you can manage different types of accounts from revolving accounts to installment accounts

5) ☑️ Inquiries are 10% if your score or 50 points. Try to refrain from applying for a bunch of new credit. Inquiries can be removed if they are older than 18 months or not tied to a open account

Book your credit consultation where our team will help you understand credit thoroughly. https://Faginfinancial.as.me/

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