Credit Building

Building Positive Credit

Credit is a tool that is meant to be used as leverage to get the things you want and more importantly, the things you need in life. 

Credit cards and lines of credits impact your credit score the most; however, to have an ideal credit report you want to have a combination of installment loans (car loans, mortgage, personal loans) and credit cards or lines of credit.


Your credit score is determined by the following factors:

  • Payment History 35%

  • Amounts Owed  (utilization) 30%

  • Credit History 15%

  • Credit Types 10%

  • New Credit 10%


This is important to know because it will help you to understand how to build and maintain excellent credit. This is the formula simplified: 


  • Pay your bills ON TIME! -35%

  • Use your credit sparingly. -30%

  • Keep accounts open and in good standing. -15%

  • Have a balance between types of debt (loan & credit card) -10%

  • Do not apply for new credit account on a regular basis. -10%


Credit is the determining factor for approval for some of the most important aspects in life:

  • Income (Employment)

  • Shelter (Home Mortgage)

  • Transportation (Auto Loan)

  • Communication (Cellphone Service)

  • Financing (Loans/Credit Cards)

Remember credit is a tool. It is a very powerful tool that will either help or hinder your growth.


Benefits of the Accounts


Payment History is 35% of credit score

  • Build positive payment history fast by opening these accounts

Utilization is 30% of your credit score

  • Offset current credit utilization

  • Large Credit Limits

Credit History is 15% of your credit score

  • All accounts are primary accounts not AU's

  • Accounts will continuously build positive history


Credit type is 10% of your credit score

  • Accounts will diversifying credit report

  • Strong credit report must have a mix of different types of credit

  • Installment loans (self lender)

  • Credit cards (credit builder card)

  • Store cards (myjewelrs, newcoast, hutton, ox)

Inquiries (New Credit) is 10% of credit score

  • Guaranteed Approval

  • Guaranteed approval=less inquiries

  • Approvals not based on current credit score

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