| As a credit repair analyst I hear "Repair My Credit | | | | think it would be best to have a zero balance on your |
| Report" every single day. In order to help people repair | | | | cards and lines of credit. Your credit score will be |
| their reports I work to remove negative listings, | | | | optimally reached by keeping an approximately 30% |
| improve positive listings, but most importantly I teach | | | | balance on lines of credit and credit cards. This shows |
| you how to keep your credit scores high. Once your | | | | the credit bureaus you can handle your credit wisely. |
| scores are restored it is imperative that you | | | | Also, it is never a good idea to close a credit account. |
| understand the scoring factors in order to keep your | | | | The length of credit history has a 15% impact on your |
| scores as high as possible. The 5 factors of credit | | | | overall FICO score. A seasoned borrower with longer |
| scoring are Payment History; Outstanding Balances; | | | | histories is considered stronger than a person with |
| Length of History; Type of Credit; and Inquires. | | | | many new credit lines. |
| Your payment history makes up approximately 35% | | | | The type of credit on your report has approximately a |
| of your overall scores. By paying your debt on time | | | | 10% impact on your scores. A mix of auto loans, |
| and in full this creates a positive impact on your credit | | | | mortgages, and credit cards is positive. However, a |
| score. On the flip side late payments, judgments, and | | | | concentration of credit cards is a negative. |
| charge-offs have a negative impact on your score. | | | | Inquiries have a 10% impact on your overall scores. |
| Your outstanding balances make up approximately | | | | Hard inquiries lower your score between 2-50 points. |
| 30% of your overall score. You never want to max | | | | However, auto loans and home mortgages are given |
| out credit lines or your scores as this has a very | | | | special treatment and up to 20 inquiries made in a 14 |
| negative effect on your score. Although, you might | | | | day-period will only count as 1 inquiry on your score. |