What do the consumers with the highest credit scores have in common? If you spoke to each one of these consumers you would see various trends. These trends include; the total repayment of debt each month combined with the smart use of credit, history that has been established which can help to increase the credit rating, multiple types of debt being accumulated and repaid to ensure responsible repayment and lending practices have been involved as well as investing, savings and other accounts which earn money for the user – rather than accounts which cost money such as high interest credit cards.
Do you have the potential to have a higher credit score? Really, it is impossible to develop a credit rating without taking advantage of credit. There are many aspects which come into play in the credit score, such as; how long the credit history has been established, the types of credit that have been used, the repayment schedules and habits as well as the debt that has been accumulated and reported to the credit file. Debt is required to develop the credit score – but it is all about how you choose to repay the debt after it has been accumulated. Therefore – you can accumulate a high credit rating by using credit the right way!