How does Equifax credit score work?
In general Equifax/Fico scores aren’t that complicated they only becomes complicated if you default on a loan, miss debt payment, have items in collections or declare some kind of Bankruptcy. If you always pay your bills on time and monitor your Equifax credit score for mistakes or errors you honestly shouldn’t have any problems and your credit score will always have the potential to increase.
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You’re Equfiax credit score basically monitors how you handle credit if you have a lot of outstanding debts that at the very least you pay the minimum balance on even if your credit score is currently low it will have the ability to rise drastically if you pay off all your debts in full. Equifax is a reflection of how you handle debt and that’s really it. Try not to get too caught up in people saying if you get rejected for a loan your credit score will drop this is only the part truth sure if at the moment you have a outstanding debts and you apply for another and you get rejected your score might go down temporarily but over the long term the only thing you have to worry about is paying your debts.
If you have a credit card always pay the minimum balance don’t let people trick you into believing that missing a few payments is okay! Because it’s that type of thinking that will complicate your credit score. Credit card companies love it when you pay the minimum balance because they know they can make money from you and in general credit cards are the easiest to pay back. The difficult debts are the installment loan debts like car financing loans, leases, personal loans etc.
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Those loans hurt people the most because their minimum payment is always so high and what typically happens to people is they inevitably run into emergencies and it’s those installment loans that usually hurt people the most. So take my advice avoid installment loans because they don’t do much to help your credit score and the reality is the only installment loan a person should ever apply for is a Mortgage because a mortgage has the potential to be an asset.
As long as you pay the minimum balance on your debts your credit score will always have the potential to rise once you pay your debts in full. Once you’re debts are paid off in full check your credit score the day you do it and also check it three month’s from that date to see what I mean!
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