Individual credit scores and what affects them can be a complicated and sometimes a mysterious part of personal finance. Debt is like fire, it can be a useful tool to cook food and heat things, but used improperly, it can be devastating. However, when used responsibly debt can provide many benefits that can positively impact individuals for being responsible. Developing habits like paying off the balance on a credit card in full every month and never spending more money on a card than an individual has in the bank can help establish a path to true benefits. If individuals do these things, the credit card company may pay them back with cash, miles, or other perks.
In order to dive into the nuance of credit score let’s break down all the parts that are included in the weighted consideration. The data that is accounted for in the calculation of credit score is grouped into five categories:
Whatever your personal finance question, do not hesitate to reach out to a Financial Advisor at Duncan Williams Asset Management. We can help advise you with budgeting, credit, social security, investing, and anything else that goes into your personal financial plan.
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