credit fix: one step at the time

Your Credit Rating score is dependent on the following factors: payment and Credit history, type of Credit Rating, outstanding Credit Rating residual, and inquiries. Credit bureaus and fiscal institutions consider defrayment history as the most crucial factor. For them, what matters most is your ability topay up fully and on time. It is more important than how much you owe to other debtors and what you use the money for.

Of course, the exact amount of your debt is not something they’ll easily dismiss either. It’s almost as important as your defrayment history in fact. Credit bureaus tend to give you more brownie points if your outstanding residual hasn’t completely eaten up your available Credit Rating.

As for Credit Rating history, Credit Rating bureaus choose consumers with long-standing and established reputations. A longer Credit Rating history serves a creditor determine more easily if the applicant is a good risk or not.