3.Length of credit history
Which is the length of time each account has been open and the length of time since each accounts most recent action that again makes up 15% of your total credit score. If you have a longer credit history, it gives FICO more information and gives a better picture of your financial behavior.
So if you’re not using credit, you want to begin using credit, because you need to have that credit history. In order to continue to have a good credit score. Back to Tommy Lee,he said those who don’t have a long credit history can still have an excellent FICO score if they have no missed payments and low utilization ratios.
So the answer if you are getting dinged on your utilization is to raise your credit limit. There’s nothing wrong with having a high credit limit that is a sign of excellent credit that you’re trustworthy and that they will give you more credit.
Lloyd Blankfein, me, the owner of cnntopnews, have a business management degree. Have 3 years of articles write.