Most of us use different credit and financial products and to have an access to the best ones it's necessary to be an
owner of high credit score.
After all, the
point of a high credit score is to help you get approved for credit — but each time you apply for credit, your score goes down by a few points, because the number of your recent applications for credit is one of the factors your credit score takes into account.
These short - term benefits came with a very real, very valuable long - term asset: after successfully repaying my debts, I was the proud
owner of a higher credit score, and with that score I am poised to save tens of thousands, and potentially hundreds of thousands, of dollars in my lifetime.
The amounts owed make up 30 %
of a high credit score.
The mixture of account types makes up another 10 %
of a high credit score.
The length of time makes up 15 %
of a high credit score.