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Vivix Credit Solutions Top 5 Factors
Posted by Vivix Credit Solutions | Categories: Credit Repair, Credit Report, Credit Score, Fair Credit Reporting Act, Vivix Credit Solutions | Tags: FCRA, free consultation, FTC
Vivix Credit Solutions
The Five Most Important Factors that Affect Your Credit Report and Credit Scores
Credit reports and credit scores are what creditors examine before giving you a loan. Landlords, employers and insurers also check those scores in an effort to learn more about your ability to handle responsibilities. Professional credit companies like Vivix Credit Solutions will require your credit report and score so that they can determine exactly what your needs are and how they can help you. The exact determining factors that FICO uses to calculate your credit score is a closely kept secret, but there are five major ingredients to every rating.
Payment history: 35 % – They make your history of repaying previous loans the primary contributor to your credit score, so Vivix Credit Solutions urges you to make all of your credit and loan payments on time. They use your past payment behavior of paying on revolving loans and installment loans to predict your future payment behavior of any loan.
Debt amounts: 30 % – The total amount of debt that you carry is a major factor as well. Revolving lines of credit, such as credit cards, are closely scrutinized, and people who habitually max them out and make minimum monthly payments are not considered promising prospective clients. If they are approved by a creditor for a loan they will be assessed a high interest rate. Vivix Credit Solutions has long made it a policy of recommending regular credit card installments of any credit building plan.
Length of credit history: 15 % – This is often a sticking point for many people who are trying to build good credit history because it is impossible to change; you can’t go back in time and apply for a gas card. Those who are starting out find it impossible to have perfect or even near perfect credit. Your Vivix Credit Solutions rep will advise them that the only plan of action they have is to obtain and make purchases using credit any way that they can.
One important aspect is that FICO also uses the length of time since that last use of credit as a means of calculating a credit score, so it is a good idea to carefully continue to use credit after you have received it.
New Credit: 10% – This category is used to examine how many accounts you have recently applied for, how many you have received and when you opened your last account. A Vivex Credit Solutions professional explained that the reasoning is that if a person opens a flurry of accounts then they are experiencing a cash flow problem and they need credit to pay their debts. If this is true, it’s an obviously bad situation that suggests future difficulty in paying back loans.
Types of Credit in Use: 10% – The final ingredient is the variety of credit you have in your history. According to Vivix Credit Solutions, if FICO sees different sources of credit, for instance a mortgage, store accounts, credit cards, etc., you exhibit a normal mode of behavior and an ability to budget your available cash for different needs and would be considered a good credit risk.
As you can see, there are five components to a credit score, but how the sources are weighed within each category is what makes every person’s score a unique one. Ask Vivix Credit Solutions how you can improve each category while making minimum impact on your current lifestyle.
Call Now to Speak to one of our Credit Experts 702-434-4414
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