
The quickest way to turn a person?s credit bad is not making payments on time, or not at all. One or two late payments will not automatically turn a person?s credit bad, but anymore than two and a person?s credit score will start to slip rapidly. Another way to lower a credit score is to request a large amount of credit in a short period of time. Creditors get shy to give credit when someone is amassing a large amount of credit in a short period of time.
Credit scores are based on a scale from 300 to 850. An excellent credit score is any score over 750. A very good credit score is 720 or more. An acceptable credit score is 660 to 720. A bad credit score is anything less than 660. To illustrate how badly a missed payment can affect your credit score, one missed payment can drop a person?s credit score anywhere from 50 to 100 points. Your credit score is based on a number of criteria that include 35% on your payment history, 30% on the amount you currently owe, 15% on the length of your credit history, 10% on the number of new credit accounts you have opened or applied for, and 10% on the mix of credit accounts you have. The only good thing about having bad credit is that you can fix your score over time by practicing good credit habits.
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