Credit Score Factors You Might Not Know About--But Should!

August 12, 2021 | Roberts Mason

credit score factors influenced credit

There are 5 main credit score factors that not a lot of people know about. Those are your payment history, amounts owed, credit mix, credit history length, and new credit.

However, even if you are aware of all five credit score factors, there are still plenty of other credit-related things that might come to you as a surprise.

Top 5 Credit Score Factors

1. Payment History

This factor makes 35% of your score. To keep it high, pay all your bills on time.

2. Amounts Owed

30% of your score depends on the amount of the credit limit you use. Ideally, you should use not more than 30% of the available credit.

3. Credit History Length

In a nutshell, the longer – the better. You can keep your old credit card account, even if you don’t need it any longer. This factor affects 15% of your score.

4. Credit Mix

A mix of installment accounts and credit card accounts affects your score in a good way. This is one of the factors that is responsible for 10% of your overall score.

5. New Credit

Be careful with this one, as every application (that causes a hard inquiry) makes you lose a few points. 10% of the total score depends on how often you apply for new credit.

credit score factors

Surprising Facts About Credit Score Factors

1. Approaching your credit limit might negatively impact your credit scores.

Even if you manage to pay off everything you owe regularly, your credit utilization ratio can still affect credit score factors.

2. It won’t help your credit scores to close an account that’s paid in full.

This one applies to revolving credit accounts. Closing an account might affect the debt to credit utilization rate and the average age of the credit accounts.

3. If you pay off a debt, any late or missed payments on that account will not be removed.

Unfortunately, such payments will remain on your credit report for up to 7 years.

4. Your credit score in the United States may not matter abroad.

Different countries have their own ways of determining creditworthiness. Moreover, in the absolute majority of cases, they can't track down your credit score from the States.

5. Potential employers can check your credit score and reject your application based on the report.

It is legal for a hiring manager to check your credit report in 39 states. The score might determine whether or not you are going to get the job.

6. Late payments might only appear on your credit report after 30 days.

If you manage to make the missed payment before 30 days are up, there is a possibility that the creditor will not report it as a late payment.

7. Negative items will eventually come off the report.

Hard inquiries remain on file for up to 2 years; bankruptcy – for up to 10 years; practically all the other negative items – for 7 years.

8. Increasing your credit limit can boost your credit score.

There are a few things that you can do to make your score go up. One of them being – increasing your credit limit. In such a way, you’re lowering your credit utilization.

Title Pawn Near Me – Safe Loan That Won’t Affect Your Credit

title pawn emergency cash

There are too many credit score factors that can affect your ‘reputation’. And the next thing you know – you become a credit risk and unable to borrow money from banks when you really need it. When things like that happen, keep in mind that there is always way out from any emergency, and one of the possible solutions is getting a title pawn.

When searching for a Georgia title pawn near me, consider going for companies that welcome all types of credit, such as Georgia Auto Pawn, Inc.

Bad credit is not a problem, and the pawn will not be reported to the credit agencies. This means that getting a title pawn will not cause any damage for your credit. As a result, you can get your problem fixed AND your credit remains safe.

How to Get a Title Pawn Near Me

  • You can either fill in a form online or contact any of the stores by phone.
  • If you have chosen the online option, make sure to pick the phone up, when the store’s representative calls. The expert is going to confirm your information, tell you more about the process, and provide answers to any questions that you might have.
  • Arrive at a chosen location and wait for the specialist to inspect your car (it will take literally 5 minutes).
  • Find out how much you qualify for, complete the necessary paperwork, and get the cash you need. The whole process might take as little as 30 minutes. And you’ll get to keep the car.

What You Are Going to Need

  • State-issued ID
  • Lien-free title to the vehicle
  • Your vehicle

Get Started Today!

There are so many credit score factors that you have to keep in mind. Unfortunately, even a small mistake can drastically affect the overall number.

That’s why when you find yourself googling ‘a title pawn near me’, look for stores that are ready to work with all types of credit.

Georgia Auto Pawn, Inc. is committed to providing you with the cash you need. And the great news is that you can get started today. Submit your inquiry to get started and receive cash for your car title today!