What are the FIVE components that go into calculating your credit score? In this video, I go through:
1. The importance of your credit score and why it’s like Tinder
2. The five components that make up your score
3. The percentage influence each of these components has
I love talking about credit scores! They are a hugely important factor that influences your ability to borrow money. And quite frankly we’re borrowing money all the time.
Credit scores are like Tinder in a way. If you’re super good looking, let’s say a 9 out of 10, then you’re going to get lots of matches. You’ll have tons of people swiping right on you and wanting to connect. You’re desired.
The same applies for credit scores. The higher your credit score, the better looking you are. More people are going to want to do business with you. More people will want to rent their home to you. More people will let you borrow their money, and for a smaller interest rate too.
Raising your credit score is awesome because anyone can do it. Anyone can be a 10 out of 10!
Factors that influence your score:
1. Payment history (35%)
2. Utilization rate (30%)
3. Length of Credit (15%)
4. Credit Inquiries (10%)
5. Types of Credit (10%)
Any other questions? Feel free to comment below or message me directly. Thanks for watching!
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