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How Your Credit Score is Calculated & Free Credit Reports

11/8/2018

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How Your Credit Score is Calculated

Understanding how your credit score is calculated is a crucial step in improving your score. Your score is made up of five components:

1. Your Payment History (35%): the largest part of your score is made up of your payment history and if you have demonstrated that you can pay your debts on time.

2. How Much You Owe (30%): credit bureaus are looking for how much debt you already owe prior to applying for more credit.

3. The Length of your Credit History (15%): Even if you have managed your credit effectively from day one, if you have a shorter credit history this can also mean your credit score can be lower.

4. New Credit Card Applications (10%): While it is reasonable for a creditor or lender to be cautious of the frequency at which someone is applying for additional credit, there can also be instances when taking on new credit card applications can actually be beneficial.

5. Types of Credit (10%): By maintaining a diverse range of credit types - credit cards, lines of credit, a car loan, a mortgage - this can be an excellent way to demonstrate your ability to manage your debts as a whole.

To follow your credit score without a hit on your credit be sure to download the new app for PEI Business Federation and INVIS at http://mopolo.ca/ - Be sure to Check Paul Trainor as your broker and get notified of any changes and FREE monthly updates and Free property valuations!


​FREE Monthly Credit Score - That won't affect your credit rating!
FREE Property Evaluation - With upgrades!
Personal Inventory Tracker, Credit Applications, Live Rates & More!
  • Learn More
  • Download
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office@atlanticbusinessfederation.com 
  • PEI Business
    • Atlantic Business Federation
    • PEI Members
    • PEI Business Directory
    • Nova Scotia Business Directory
    • NB Business Directory
    • Stay in PEI
  • Business News
    • News/Feeds/Links/Info
    • PEI Business Federation
    • PEI Business Issues
    • PEI Business Blog
  • Business Services
    • PEI Podcast Rentals
    • Photographer Services
    • Point of Sale Visa MC Debit
    • PEI Bookkeeping & Accounting Services
    • PEI Marketing & Promotions
    • PEI Signs and Printing Services
    • PEI Training, Courses, Online Study
    • PEI Computer, Software Discounts
    • PEI UPS Shipping & Courier Services
    • PEI Business & Personal Services
    • PEI Telephone/Cellular/Long Distance
    • PEI Drone Services
    • PEI internet service provider
    • PEI Web Presence Grant
    • PEI Furnace Oil Savings
  • Insurance Services
    • PEI Employee Benefits
    • Guaranteed Issue Health Plans
    • Blue Cross Travel Insurance
    • PEI Auto Insurance
    • PEI Home Insurance
    • PEI Business Liability Insurance
    • PEI Disability Benefits
    • Application for Disability Insurance
    • PEI Life & Personal Insurance
    • Application for Life Insurance
    • PEI Business Overhead Insurance
  • Financing Services
    • Credit Card Rewards Program
    • Atlantic Equipment Financing and Leasing
    • PEI Mortgage Brokers
    • PEI Point Of Sale Benefits
    • Businesses for Sale, Rent or Lease
    • PEI Small Loans Financing
    • PEI Financial Advisors
    • PEI Bankruptcy & Debt Management Services
    • PEI Loans, Lending, Financing and Banking
  • Web Services
    • Foodbooking Apps and Websites
    • Website Design Services >
      • Web Presence Grant ABF
    • Graphic Design Services
    • Virtual Creations Web Services Studio
    • App Design Services
    • Atlantic Virtual Mall
    • Booking.com Registration
    • Logo Design Studio
    • Atlantica Domains - PEI Business Domains
  • Register
    • Services Pricing
    • Monthly Membership
    • Monthly Full Website
    • Join ABF