How To Build Excellent Credit

Press Release from Wealthcare Financial Group, Inc.

Studies have shown that employees are more productive on the job when they have fewer concerns about their personal finances. At Wealthcare Financial Group, Inc. we want your employees to be a productive as possible, which is why we have made a commitment to providing quality education on our blog, or by conducting workplace financial education seminars.


Here is an excerpt that was taken from our recently published post: How To Build Excellent Credit.

There are many factors that impacts your credit score and you should definitely be aware of them and more importantly, watch each of these like a Hawk if you truly want to build excellent credit! Let’s review the steps: 

  • Payment History:  Making on time payments is one of the most important factors that contribute to your FICO Score. A Lender will take note of any late payments that is past 30+ days, including collections activity and negative public records, if any.
  • Amount of Indebtedness:  Suppose you have a credit card with a $1,000 credit limit and you make your payments on time every month, but your outstanding balance owed is $850. In this example, your credit score will be negatively impacted. Why? Lenders will view this type of credit usage behavior as potentially careless and that you actually might not have enough income to make it through the month without using your credit card as a crutch, to hold you over until your next pay day. A good rule of thumb is that the percentage of your total credit usage should be no more than 30% to 40% (and that’s stretching it!) of your credit limit. If you have owe an outstanding balance of $850 and experience an interruption in employment, it would be more difficult to pay down $850 than it would be to pay $300. Lenders are more likely to view someone who maintains a high credit usage percentage as a potential default risk and if there is one word Lender’s hate, it would be the dreaded “D” word.

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