Demystifying Credit Scores: Understanding the Factors That Impact Your Score

Ever wondered how your credit score is calculated? Let's demystify it! Understanding the factors that impact your score is crucial for financial success. Here are the key points: 1. Credit score calculation factors include payment history, amount owed, credit history, new credit, credit mix. 2. Consistent, on-time payments improve your credit score. 3. High utilization ratios can negatively impact your credit score. 4. The longer your good standing, the better your credit score. 5. Frequent credit applications can lower your credit score. Stay informed to maintain good financial health! #CreditScores101 #FinancialLiteracy