6 issues make you control your Credit Score like a toy

It is known that the higher your Credit Score, the more financial freedom it will give you. Many people fall the trap of credit cards without feeling, till that they find themselves in a serious financial predicament
I'll show you here 6 elements that are the main control in raising or lowering your Credit Score, so if you know how to control it, you can reach a strong credit level of up to 7.5 points in one year. Which will allow you to get whatever you want "new home, car or cover education expenses".

1. Credit Used
Credit Used is Very High Impact on Credit Score, If you use too much of your available credit, you may not have enough credit when you need it. To lenders, this could be a sign that you may be overextended.
Use less than 30% of your available credit is a good goal. But, keep in mind that using some available credit and paying it off monthly may be better than not using any credit at all.
Lenders see the good AVERAGE of using the credit money is 31% - 60%, but they prefer 11% - 30% of using the credit money.

2. On-Time Payments 
Your Credit card Payments On Time is High Impact on your Credit Score.
Because a history of on-time payments helps show lenders that you can manage credit responsibly. a payment that's late 30 days or more is often reported to the credit bureaus.
Set up auto-pay so you never miss a payment, or bill pay reminders to receive notifications when your bills are due.  62% of people only keep their Credit card Payments On Time.
If you keep your Credit card Payments On Time that mean your Credit score is above 6 and below 6.5.

3. Oldest Credit Line
Age of Your Oldest Account Moderate Impact on your Credit Score. 
The age of your oldest credit account shows lenders how much experience you have handling credit.
Lenders see the good AVERAGE of  Credit Line is 3 - 7 Yrs, and they see that Credit Line is so good if it between 8 - 24 Yrs oldest than 25 years is EXCELLENT Credit Line.
Keep your oldest credit account open and in good standing. This can help build a positive credit history.

4. Recent Inquiries
Recent Inquiries is Low Impact on  on your Credit Score but it is important, simply it mean " how many and how much loan you take in the past 2 years.
As a rule if you take more Loans or mortgage in the past 2 year that will decrease your Credit score. Having a few inquiries in a year is normal. But people with too many inquiries within a short period could be seen as applying for multiple new credit lines, which is an indicator that someone could be financially overextended.
This rule is applicable on all loans and mortgage, but not on new credit card. yes this is a surprise, if you want to improve your Credit score, open another Credit card account, the secret hear is the Lender (bank) will check your availability to open a new credit card, and if you have at least 6 point with your old Credit card, you will be acceptable to get another Credit card account, and once the new account opened you will gain 0.5 to 1 point over your scour.
But what if the Lender (bank) disapprove my new inquiry to open Credit card??
it is so easy just till your account manger or the banker that you want to open Deposit Credit card account with minimum amount.
So apply for credit only when you need it. If you're shopping around for credit accounts like a mortgage or an auto loan, try to keep your inquiries within a short time period. The Vantage Score 3.0 model counts all inquiries that appear in your credit file within a 14-day window as a single inquiry. and Don't Inquiries in the Past 2 Years over than 1 or 2.

5. New Accounts 
Open New account is Low Impact on your Credit Score.
If you open too many accounts in a short window of time, lenders might wonder if you're overextended financially. also if you didn't open a new account or increase your old accounts limit  for long time lenders might wonder if you're financially Faltering.
Only apply for credit when you need it. And once you open an account, make sure to manage it responsibly by paying your bill on time each month and only using as much credit as you need.
That will be excellent to open a New accounts or increase your limit once every 2 year.

6. Available Credit
Total Available Credit is Low Impact on your Credit Score.
If you don't have enough available credit, a lender might see this as a sign that you're stretched too thin financially and might not be able to pay them back.
That make us remember what we say about Credit Used, Using less than 30% of your available credit is a good goal. But, keep in mind that using some available credit and paying it off monthly may be better than not using any credit at all.
As you note the Credit Used is Very High Impact on Credit Score but Available Credit not so much that impact, that make sense that the Lender improve you to increase your Credit limit.
The Lenders prefer to see between $15K to $50K in your credit but that not Impact so on your Credit Score.


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