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Credit Repair Florence KY
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Building Credit

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What is Credit Building?

Credit building is essentially and basically any activity that can help build good credit. As credit repair goes back, eliminate and remove negative items from your credit history, credit building focused on adding new, positive information to your credit report.
There aren’t any quick and or fast fixes when it comes to credit. Both repairing and rebuilding your credit takes time.
Start by gaining access to your credit score. From one or more of the major credit reporting agencies, get a copy of your credit report also. 
To spot areas where you can improve, look at the information on your credit report. Specifically, focus on the factors that affect and influence your FICO credit score, which include:
  • Payment history
  • Amounts owed
  • Length of credit history
  • New credit
  • Credit mix
Contact Credit Repair Florence KY Company at 859-493-8723 to get free estimates.

Payment History

​Based on your payment history is 35% of your FICO score, making it the most important factor. Because of some late payments or collection accounts, if your credit score has dropped, work to get those accounts current as quickly and as fast as possible and make your payments on time.
While that won’t eliminate or get rid of the negative information on your credit report, making your monthly payments on time can stop the bleeding and help you establish and build a positive payment history going forward. Cooperate to Credit Repair Services in Florence, KY.

Amounts Owed

First and foremost, driven by your credit card utilization rate, this factor makes up 30% of your FICO score. By dividing a credit card’s balance by its credit limit, the credit utilization rate is calculated. 
If you have high credit card balances, pay them as quickly as possible. Each month that your utilization rate decreases, your credit score will respond and acknowledge accordingly.

Length of Credit History

​Both in terms of 15% of your FICO score is attributed to the length of your credit history, how long you’ve been making use of credit overall, and the average age of your accounts. The length will increase as you continue to use credit over time.

New Credit

Every time you make or apply for a credit account, the creditor makes a hard inquiry on your credit report, which is a sign of a few points off your credit score. In total, new credit accounts for 10% of your FICO credit score.

Credit Mix

Based on the types of credit you have, this final factor also makes up 10% of your FICO score. It is better to have a good credit mix, mortgage, auto loans, and student loans, and more.
For more information about building credit in Florence KY, contact Credit Repair Florence KY Company at 859-493-8723. Call now and get free estimates. 

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859-493-8723
Copyright © 2020 Blue and Gold Properties,LLC. All rights reserved. FICO is a registered trademark of Fair Isaac Corporation in the United States and other countries. Blue and Gold Properties, LLC acts as an affiliate for Credit Glory, Inc. All Credit Repair Services provided by Credit Glory, Inc. Credit Glory, Inc does not provide legal advice. Credit Glory, Inc does not guarantee the permanent removal of verifiable tradelines. Credit Glory, Inc requires active participation from its clientele regarding requested documents and information, including investigation results for the sought-after outcome of a healthy, accurate credit report. Individual results may vary.
  • Home
  • Services
    • How Does Credit Repair Work
    • Credit Repair Scams
    • Removing Negative Items
    • Building Credit
    • Understand your Credit Score
    • Bankruptcy
  • About
  • Contact