Why is it important to be consistent and pay your billson time every time?Your credit score:How it's calculatedPOOREXCELLENT10%New credit10%35%Types of creditin usePayment history69515%30%Credit Score695 national average scoreas of August, 2015Length ofcredit historyAmounts owedLength of credit history is the largest part ofyour credit scoreAmounts owed is the largest part of yourcredit scorePayment History is the largest part of yourcredit scoreNew credit ( taking out a new loan or creditcard) is the largest part of your credit scoreTypes of credit used (credit mix) is thelargest part of your credit score

It is important to be consistent and pay your bills on time every time because Payment history is…

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Business

Accounting

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

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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Question

100%

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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