Credit Score Idol Can you impress the 5 judges to become a credit score superstar? Judge No. 1: The Past Performance Pragmatist “Think you have what it takes? Let’s look at your past performances, because the proof is in the payment pudding.” What this judge cares about most: Your credit history – how good have you been with payments in the past? How much clout do they have? Even though there are 5 judges, this one carrie4s 35% of the final decision Judge No. 2: The Princess of Potential “When it comes to becoming a credit score idol, you have so much untapped potential. The sky’s the limit!” What his judge cares about most: Credit utilization – how much of your available credit line are you using. How much clout do they have? The 2nd most important judge who carries 1/3 of the final decision. Judge No. 3: The In-the-Industry Insider “You may think you can just come in here and make it big, but you have to earn your stripes to be truly great.” What this judge cares about most: Length of use – how long have you been using credit cards and loans? How much clout do they have? The third biggest judge, carrying 15% of your final credit score assessment Judge No. 4: The Latest-is-Greatest Guru “Past performance is fine, but what you’re doing NOW is most important. So what have you done lately?” What this judge cares about most: New credit – how many new credit lines have you applied for in the past 6 months? How much clout do they have? Tied with No. 5, this judge only carries 10% of the final decision. Judge No. 5: The “Total Package” Prima-Donna “You’ll never make it here if you’re just relying on one talent to get you through. You have to have the total package.” What this judge cares about most: Types of credit – do you have a diverse portfolio/are you holding the right kinds of debt? How much clout do they have? Tied with No. 4, this judge only carries 10% of your final assessment.
Do you have what it takes to impress the judges and become a credit score superstar?
Winning a talent competition does the same in the entertainment world as the right credit score when it comes to finances — both open doors that can change the trajectory of your life. With excellent credit, the world is your oyster and the financial possibilities can be almost endless. On the other hand, if past performances have led to negative marks on your credit, you can find yourself stuck and struggling to move forward.
If you want to achieve credit score stardom, you must meet the criteria of the five credit score judges that every credit bureau and almost every lender uses to calculate your credit score. If your credit performance is enough to impress these five judges, chances are good that you’ll make the grade and qualify the next time you want credit.
The more you understand these five credit score factors, the more strategic you can be when building credit. If you still have questions or need help eliminating debt so you can become a credit score star, call us at (844) 276-1544 to speak with a certified credit counselor now.
