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  • CREDIT SCORE CONCEPT

Key Factors That Impact Credit Scores

You have to build credit to have good credit, and a solid credit history is the key ingredient to getting the validation you seek from a lender or creditor. Your payment history is primarily what your creditors will look at. After all, your credit history can tell whether or not you’re credit-worthy and if you can be trusted with new credit accounts.

Whether you’re looking to secure a personal loan or simply want to better understand how your credit score can impact your finances, here are some areas that could make or break your credit-worthiness:

Current Debt-to-Credit Ratio

What’s your number? In this case, we’re asking what your credit balance is when compared to your credit limit. A debt-to-credit ratio is the number you get when you put the amount of debts you’re currently carrying against what your limit is across your accounts. For example, if you’re $10,000 in debt but have $20,000 in available credit, your debt-to-credit ratio would be 50%.

Late Payments

If you miss or make late payments on the regular, your credit score will take a hit – sometimes staying on your credit report for seven years or longer. Make your payments on time and make timeliness a new habit. Even if you have had a good credit rating in recent years, missed payments from the past can still blemish your credit score.

Credit History

Again, credit history is a major determining factor when it comes to your credit score. The age of your credit accounts could impact your overall credit rating. Opening new accounts can bring down the age of your credit accounts but as long as you increase your credit limit on your new accounts and always pay on time, your score shouldn’t be significantly affected.

Bankruptcies

Sometimes, life just happens. However you came to file bankruptcy, the fact that you did will remain on your credit report for a max of 10 years.

Number of Hard Inquiries

If you make too many “hard inquiries,” (in other words, you’ve applied for credit, a mortgage, or loan with lenders), evidence of this can remain on your credit reports for a couple years. However, a “soft pull” will leave your credit score unmarred. Soft pulls or soft inquiries happen when a person checks their own credit scores. If you are a cardholder with a major credit card company, you should be able to check the status of your credit report with relative ease.

Long story short, each lender has different considerations and processes when deciding to grant your credit application or not. But by being a responsible credit account holder and not signing up for more than you can reasonably afford, the health of your financial credit is sure to improve.

At PCS, our programs are tailored to the client’s specific financial needs. What sets us apart from our competitors is that clients see relief, before any payment is received. Our NO UP-FRONT FEE policy ensures our client’s a 100% satisfaction guarantee. We also do not charge any monthly fees or any cancellation fees. We want the client to feel comfortable during the whole process that’s why we allow them to be part of it every step of the way.

PCS Debt Relief

PCS Debt Relief

Sr. Debt Analyst at PCS Debt Relief
At PCS, our programs are tailored to the client’s specific financial needs. What sets us apart from our competitors is that clients see relief, before any payment is received. Our NO UP-FRONT FEE policy ensures our client’s a 100% satisfaction guarantee. We also do not charge any monthly fees or any cancellation fees. We want the client to feel comfortable during the whole process that’s why we allow them to be part of it every step of the way.
PCS Debt Relief

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At PCS, our programs are tailored to the client’s specific financial needs. What sets us apart from our competitors is that clients see relief, before any payment is received. Our NO UP-FRONT FEE policy ensures our client’s a 100% satisfaction guarantee. We also do not charge any monthly fees or any cancellation fees. We want the client to feel comfortable during the whole process that’s why we allow them to be part of it every step of the way.

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With over 30 years of combined experience, a Better Business Bureau A+ rating, and a zero complaint history, you can feel confident that PCS Debt Relief will be a debt relief company you can trust. We are headquartered in St. Louis, MIssouri and offer our debt relief services nationwide.