EconEdLink
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Let’s take a look at what affects a credit score.
|Scenario #1 |You have three credit cards that you use regularly. |
| |Two of the cards you pay on time, but one of them is more than 30 days late. |
| |You have applied for about 5 new credit cards in the last 2 years. |
| |You have one open installment loan. |
| |You have about four open credit cards. |
|MY CREDIT SCORE IS BETWEEN |Your total credit limit is between $5,000-$9,999. |
| |Your balance on the credit cards is between $1,000-$1,499. |
| |Thankfully, none of them are maxed out (meaning charged to their limit). |
| |Thankfully you’ve never had bankruptcy, a judgment or a tax lien. |
| |You opened your last credit card five months ago. |
|Scenario #2 |You have 15 credit cards that you use regularly. |
| |You have two accounts that are past 30 days, five credit cards that have previously been past |
| |30 days late, three accounts that are past 60 days late, and six that were more than 60 days |
| |late. |
| |You have applied for more than 5 credit cards in the last 2 years. |
|MY CREDIT SCORE IS BETWEEN |You have four open installment loans. |
| |You have 11 open credit accounts. |
| |Your total credit limit is over $50,000. |
| |Your total balance on all open credit cards is between $30,000-$39,999. |
| |You have three cards that are maxed out. |
| |Thankfully you’ve never had bankruptcy, a judgment or a tax lien. |
| |You opened your last card between 7-12 months ago. |
|Scenario #3 |You have 10 credit cards that you use regularly. |
| |None of them have are now or have ever been 30 or 60 days late in payment. |
| |You have applied for two new credit cards in the last two years. |
| |You have two open installment loans. |
|MY CREDIT SCORE IS BETWEEN |You have twelve open credit cards. |
| |Your total credit limit is over $50,000. |
| |Your total balance on all open credit cards is between $500-$999. |
| |You have no cards that are maxed out. |
| |Thankfully you’ve never had bankruptcy, a judgment or a tax lien. |
| |You opened your last card more than 48 months ago. |
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Think about the conclusions you can make from the above. What advice would you give people who wanted to make sure their credit score was a good one?
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