Debt Declaration – Bad Credit Help & advice, Debt Settlement Tips

Why my credit score is so low?

November 17, 2014 by · Leave a Comment 

Have you seen your credit score lately? If so, you may be wondering why your score is low and didn’t go up with all your recent efforts to stay current. You paid your bills on time lately and still your score has not gone up. This doesn’t make sense at all. Understanding what goes into your credit score can explain what made your latest credit score or FICO Score, as we call it.

Your credit score is a combined result of your payment history (35%), use of debt (30%), age of your credit accounts (15%), recent inquiries for new credit lines (10%), and the makeup of your credit accounts (10%). Each part is responsible for a certain percentage of your credit score and the total is the resulting FICO score. You have to score on all aspects not just one in order to get a higher credit score. Higher the credit score is you are bound to get new credit lines approved at lower interest rates. You can check your credit information free of charge at least once a year from one of the credit bureaus. Rotate your report among them in order to stay on top of your credit game and take immediate action to correct any inaccuracies in your credit report.