{"id":13896,"date":"2020-08-12T00:25:11","date_gmt":"2020-08-12T06:25:11","guid":{"rendered":"https:\/\/woodriverweekly.com\/?p=13896"},"modified":"2020-08-12T00:25:11","modified_gmt":"2020-08-12T06:25:11","slug":"what-about-your-credit-score","status":"publish","type":"post","link":"https:\/\/woodriverweekly.com\/index.php\/2020\/08\/12\/what-about-your-credit-score\/","title":{"rendered":"What About Your Credit Score?"},"content":{"rendered":"

By Jenni Riley, FPQP\u00ae<\/em><\/p>\n

\"\"
Jenni Riley is a Financial Paraplanner Qualified ProfessionalTM and Director of Operations at Hazlett Wealth Management, LLC. Learn more by visiting HazlettWealthManagement.com. HAZLETT WEALTH MANAGEMENT, LLC is independent of Raymond James and is not a registered broker\/dealer. Investment advisory services are offered through Raymond James Financial Services Advisors, Inc. Securities offered through Raymond James Financial Services, Inc., member FINRA\/SIPC. 675 Sun Valley Road in Ketchum, Idaho, 208.726.0605<\/figcaption><\/figure>\n

Most adults are aware that your credit score can affect your life in more ways than one. Your credit score becomes a priority when you apply for a loan, a credit card, and when renting or leasing. Your credit history offers a measure of risk for creditors to assess when extending credit. The higher the score, the less of a perceived risk you are to lenders.<\/p>\n

We know your credit is important, but HOW is your credit score derived?<\/p>\n

Here are the five components that make up your credit score:<\/p>\n

1. Payment History<\/span> \u2013 This is where \u201cyour past will catch up with you\u201d comes into play. Choosing not to pay your car payment a couple of months can have consequences down the road.<\/p>\n

2. Utilization Rate<\/span> \u2013 This is the percentage of credit you are using. A good rule of thumb is to keep the credit you are using at under 30 percent of the total sum available to you.<\/p>\n

3. Length of Credit History<\/span> \u2013 The more extended history you have, the longer you have had to prove yourself worth the risk.<\/p>\n

4. New Credit<\/span> \u2013 How often do you open new accounts? Applying for every retail store card to get that 10 percent off can negatively affect your credit score. Even applications that you do not intend to use can be viewed as unfavorable if they are too frequent.<\/p>\n

5. Credit Mix<\/span> \u2013 For the higher score, lenders are looking to see what types of credit you have. Younger adults without a documented history of making payments toward a fixed loan, or those who have only one revolving credit line, will have a lower score. A borrower who has made timely payments toward car loans, a mortgage, and multiple credit cards will show a history of creditworthiness.<\/p>\n

There are three major credit bureaus: Experian, Equifax, and TransUnion. You can request your credit report for free using sites such as AnnualCreditReport.com. It is recommended to check your report to ensure there are no errors, and that no accounts were opened without your knowledge. Some credit cards team up with the credit bureaus to provide your credit score monthly.<\/p>\n

If you find an error, contact the three credit bureaus by disputing online or by mail.<\/p>\n

\u201cIf you don\u2019t take good care of your credit, then your credit won\u2019t take good care of you.\u201d \u2015 Tyler Gregory<\/p>\n

Jenni Riley, FPQP\u00ae, Director of Operations at HAZLETT WEALTH MANAGEMENT, LLC, independent of Raymond James and is not a registered broker\/dealer. Investment advisory services are offered through Raymond James Financial Services Advisors, Inc. Securities offered through Raymond James Financial Services, Inc., member FINRA\/SI<\/i><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

By Jenni Riley, FPQP\u00ae Most adults are aware that your credit score can affect your life in more ways than one. Your credit score becomes a priority when you apply for a loan, a credit card, and when renting or leasing. Your credit history offers a measure of risk for creditors to assess when extending […]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"tdm_status":"","tdm_grid_status":"","_pvb_checkbox_block_on_post":false,"footnotes":""},"categories":[2,16],"tags":[],"class_list":{"0":"post-13896","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-commentary","7":"category-finance"},"_links":{"self":[{"href":"https:\/\/woodriverweekly.com\/index.php\/wp-json\/wp\/v2\/posts\/13896","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/woodriverweekly.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/woodriverweekly.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/woodriverweekly.com\/index.php\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/woodriverweekly.com\/index.php\/wp-json\/wp\/v2\/comments?post=13896"}],"version-history":[{"count":0,"href":"https:\/\/woodriverweekly.com\/index.php\/wp-json\/wp\/v2\/posts\/13896\/revisions"}],"wp:attachment":[{"href":"https:\/\/woodriverweekly.com\/index.php\/wp-json\/wp\/v2\/media?parent=13896"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/woodriverweekly.com\/index.php\/wp-json\/wp\/v2\/categories?post=13896"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/woodriverweekly.com\/index.php\/wp-json\/wp\/v2\/tags?post=13896"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}