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Credit Scoring - Go Where The Points Are

I shared a graphic the other night on my live workshop on credit repair that I just had to make part of a blog post. 

PiechartIf you understand what I am about to share with you, you will be in a position to very quickly raise your credit score. The chart above could not make it more clear that the real credit game is in the two largest slices of the credit scoring pie. 

30% Debt Utilization Ratio

Fancy term, right? But the idea is simple. On revolving accounts, points are added to your score by comparing the amount of available credit to how much of it you have used. This is all about keeping low balances on your credit cards. If you never go above 30 to 50% of your available credit line, you will win big with points in this category. Note: maxing out your card each month and then paying it off when the bill comes will not help.  

Here's the deal - since we don't know the actual day of the month that the credit bureau will report the balance on the account, we must consistently keep a low balance (all throughout the month) to gain the most points. This is a little piece of information that makes my book and video on credit repair truly unique.  I learned this through trial and error while helping hundreds of people repair their credit.

35% Payment History

Duh? OK Jim, I know that making on time payments is part of my credit score. Yes, the general idea of making on time payments we all get. In fact, some people believe that on time payments comprise 100% of the their score. Here is the nuance to this - only accounts that are currently reporting, or that have reported in the last 18 months, will make up most of this component.  

This means that older accounts that have not reported fresh data in recent months are of little consequence here. It also means that you must have a handful of open accounts that you are making timely payments on. The absence of late payments due to little or no open credit does not cut it here.

Credit Scoring (5)


New Video Breaks It All Down

The new credit repair workshop video covers this and a lot more. I also go into the matter of what kind of accounts you need to have open and how to get them even if you presently have bad credit. Also, members of ChristianMoneyPlus can watch the video for free and get unlimited help from me personally through the member Q and A dashboard.



Helping you make the most of God's money!

James L. Paris 
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