- Prime Legacy Credit Repair
"๐๐๐๐ฉ ๐๐จ ๐ข๐ฎ ๐๐ง๐๐๐๐ฉ ๐จ๐๐ค๐ง๐ ๐๐ค๐ข๐ฅ๐ค๐จ๐๐ ๐ค๐?"

The five components that make up your credit score are:
๐๐ช๐๐ถ๐ฎ๐ท๐ฝ ๐ฑ๐ฒ๐ผ๐ฝ๐ธ๐ป๐ (35% ๐ธ๐ฏ ๐๐ธ๐พ๐ป ๐ฌ๐ป๐ฎ๐ญ๐ฒ๐ฝ ๐ผ๐ฌ๐ธ๐ป๐ฎ) This is the most important part of your credit score. Basically, payment history means what it sounds like: Do you pay the people you owe on time? This applies to school loans, credit cards, etc.
๐๐ถ๐ธ๐พ๐ท๐ฝ๐ผ ๐๐๐ฎ๐ญ (30% ๐ธ๐ฏ ๐๐ธ๐พ๐ป ๐ฌ๐ป๐ฎ๐ญ๐ฒ๐ฝ ๐ผ๐ฌ๐ธ๐ป๐ฎ) Think of this as your spending limit. (This is the credit utilization we talked about above). You never want your credit card balance to be more than 30% of your spending limit. Aliche says credit card companies have this little trigger that says, " 'Danger, danger, danger, she's using too much of her card. She must be in financial trauma and turmoil.' And so that's why they punish you by bringing down your score [if you spend more than 30% of your credit limit]. Because if your score is low, guess what? You can't qualify for more debt. You see, they're literally slowing you down." So 30% is a new 100%.
๐๐ฎ๐ท๐ฐ๐ฝ๐ฑ ๐ธ๐ฏ ๐๐ป๐ฎ๐ญ๐ฒ๐ฝ ๐๐ฒ๐ผ๐ฝ๐ธ๐ป๐ (15% ๐ธ๐ฏ ๐๐ธ๐พ๐ป ๐ฌ๐ป๐ฎ๐ญ๐ฒ๐ฝ ๐ผ๐ฌ๐ธ๐ป๐ฎ) The longer you've had credit, the stronger this part of your credit score will be. Keep your oldest credit card open and pay off a small, recurring bill each month on it and you shouldn't have to worry much about this 15%.
๐๐ฎ๐ ๐๐ป๐ฎ๐ญ๐ฒ๐ฝ (10%) Each time you open a new line of credit (think: applying for a loan or new credit card), this 10% of your score is affected. You can lose points just by applying for a new credit card, so make sure you don't apply for new credit unless you really need it. Buying a car or trying to get approved for a rental is probably worth it. But is that fourth credit card worth it? Maybe not.
๐๐ป๐ฎ๐ญ๐ฒ๐ฝ ๐๐ฒ๐ (10%) You don't need to do anything for this component. Lenders just like to see that you have a mix of credit such as revolving credit like a credit card, and some installment credit loans, like a mortgage. "They just like to see that you have a mix," Aliche says. "The longer you live, the more of a mix you'll have."