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Why is it important to be consistent and pay your bills on time every time?

Why is it important to be consistent and pay your bills on time every time?

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Why is it important to be consistent and pay your bills on time every time? Your credit score: How it's calculated POOR EXCELLENT 10% New credit 10% 35% Types of credit in use Payment history 695 15% 30% Credit Score 695 national average score as of August, 2015 Length of credit history Amounts owed Length of credit history is the largest part of your credit score Amounts owed is the largest part of your credit score Payment History is the largest part of your credit score New credit ( taking out a new loan or credit card) is the largest part of your credit score Types of credit used (credit mix) is the largest part of your credit score
Transcribed Image Text:Why is it important to be consistent and pay your bills on time every time? Your credit score: How it's calculated POOR EXCELLENT 10% New credit 10% 35% Types of credit in use Payment history 695 15% 30% Credit Score 695 national average score as of August, 2015 Length of credit history Amounts owed Length of credit history is the largest part of your credit score Amounts owed is the largest part of your credit score Payment History is the largest part of your credit score New credit ( taking out a new loan or credit card) is the largest part of your credit score Types of credit used (credit mix) is the largest part of your credit score
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