Missing A Payment And How You Can Ruin Your Credit Score | US Equity Advantage

1. Missing A Payment And How You Can Ruin Your Credit Score | US Equity Advantage It happens. You missed a payment. What happens next? How will they affect my credit score? What is a credit score? Let’s explore. Your VantageScore 3.0 VantageScore 3.0 is a new way to look at your credit score. It was co-created by the three major credit bureaus (the companies that keep track of and report consumer credit score information) to be both accurate and predictive. This new advanced consumer credit scoring model is based on a scale from 300 to 850 and it can mean all the difference in getting a loan. The higher your number is the better chance you’ll have at acquiring a loan. Here’s how the key factors affect your score: Extremely influential •Payment history. Are you paying your bills on time? Highly influential •Age and type of credit. Credit bureaus look for a mix of accounts (credit cards, car loans, mortgage) and the age of your oldest account. Percent of credit limit used. Keep revolving balances under 30 percent of credit limits. If you have a credit card with a limit of $10,000, then try not to exceed a balance of $3,000 on that card.

2. Moderately influential •Total balances/debt. Try to reduce the amount of your overall debt Less influential •Recent credit behavior and inquiries. Don’t open too many new accounts within a short period of time. Plan ahead and open some in advance of when you anticipate you will need it. •Available credit. Don’t open more credit than you need. Staying on track How do you protect and improve your credit? Focus on the top influencers for growing and maintaining a good credit score and when you have those firmly established, work your way down the list. Schedule Payments with Biweekly Loans It takes a lot of time and energy to set up payments with each of your lenders and auto-pay your bills, particularly if each one is handled separately USEA offers a one- stop, convenient way to schedule all of your payments with AutoPayPlus. It’s easy to enroll all your loans with us and we will make sure they are paid on time, every time. During the open enrollment period which is six months from the date you enroll your first loan, you can add your mortgage, auto loan, credit card bill, student loan and other bills for no additional program fee. If you choose a biweekly payment schedule, you will pay off your loans faster because you will make two extra half-payments each calendar year. Not only will you make payments on time, but you’ll be paying them off faster. Once enrolled, we guarantee that not only will your loan will be paid on time, but also that you’ll get out of debt sooner. Stop letting your debts control you with US Equity Advantage. Visit our website at http://www.usequityadvantage.com/ Sources: http://your.vantagescore.com/score-influences