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The 5 major areas looked at for your credit score.

Do you know how you scored on your credit score? Probably. Do you know what you did to get this score? If not, here are some areas that are used to determine your credit score. Hopefully with this data you can begin to get extra credit in some areas. Here are the 5 basic things that are reviewed which will give you your overall score for credit worthiness.

  1. Past payment history. Your payment punctuality is about 35% pf your credit score. The more recent your tardiness, the more points are deducted from the overall score.

  2. A history of late payments on several accounts will cause more damage than late payments on a single account.

    Paying your bills consistently on time can greatly improve your overall score.

    1. How much you owe. Let’s do a little math. Take all of your outstanding balances and compare the number to the amount of credit that is available to you. Do your outstanding balances equal the total amount of credit available? If so then you are maxed out. This is when the lenders make noises and give you funny looks when applying for more credit.

    2. This difference of what you are using vs. what you can use use makes up 30% of your credit score.

      1. Length of credit history. Fifteen percent of your credit score is determined by how long you’ve been using credit. Obviously, the longer your credit history, the more favorable lenders will see you. Your score in this area also takes into account how long it has been since you used certain accounts. So just having an idle card for 10 years won’t necessarily raise your score. Don’t open a lot of new accounts at once to establish a credit history. That strategy will lower the “average account age” on your score, which could affect your score negatively.


      2. Amount of new credit. Each time you apply for new credit, an inquiry shows up on your report. Red flags start waving when you take on more credit—or even just apply for new credit—in a short period of time. This is one area where good habits can work against you. If you prove yourself a reliable bill payer, credit card issuers will be quick to offer additional credit.


      3. Future lenders, however, may not take kindly to all this readily available credit. Some fear you will use it to go on a spending spree, quickly undermining standard calculations for determining how much additional debt you can take on. This area of credit management carries 10% on your overall credit score.

        1. Types of credit. Types of credit include credit cards, retail accounts, and installment loans (like car loans and mortgages). Your use—or over-use—of these has a 10% impact on your overall score. Though you may be tempted to show what a good borrower you are by using all types of credit, more is not always better in the eyes of credit scorers. If you have had no credit, lenders will consider you a higher risk than someone who has managed credit cards responsibly.

        2. Did you know that there are millions of dollars that fit the category of unclaimed property? Unclaimed property is turned over to the state to find the rightful owner. A check from your last employer that never made it to you, a utility deposit not returned or a safe deposit box left unattended are the most common unclaimed cash. So if you want to find money, do a money search. Simply log in your name and a search of all state and federal databases will be done. You will also find information so you can claim your found money.

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          When you perform a free trial search on CashUnclaimed.com we display the total dollar amount in unclaimed funds that we show reported by the appropriate government agencies. This does not guarantee that this money is 100% absolutely yours. What it means is that there is that total dollar amount shown by government agencies under your name and common variations of your name at the last time we had the information available to us was reported as unclaimed and is able to have a claim form submitted to be paid that amount. For more information please read our terms of use by clicking the link above.