Present Job:
The longer you are at a job and the higher your wages are, the
higher your credit rating will be. Occupations
are also important. Stable occupations of more than 10 years,
improve credit ratings.
Employment:
Utility companies will usually grant you credit if you have
worked for the same employer for at least 18
months.
Credit Bureau File:
You should find out if there are errors on your credit report
and correct them. A bad rating with the bureau
can ruin your chances of getting credit.
Bank Accounts and Credit Cards:
If you have accounts in good order, you will ensure a high
rating. Overdrawn checking accounts and unpaid
credit card balances will hurt your rating.
Income:
Your rating will improve, not because of what you make, but
because of what you bring home (net income).
Age:
Generally, the older you are, the better risk you are. By law,
those older than 62 cannot be rated lower than
those younger.
Dependents:
Usually, dependents do not improve your credit rating because
they are considered expenses. Your ability
to support your dependents will influence your credit rating.
Address and Phone:
Having the same address and phone number for several years shows
stability, so the longer you have them,
the better your credit rating.
Car Ownership:
If you own a car, especially a late model, your credit rating
will benefit. You will also benefit if you are paying
for the car on installments and if you have always paid on time.
But car payments may also hurt you because
they add to your expenses.
Expenses and Debts:
The more your expenses, the lower your rating. A loan officer
looks at how much money you have left after
you meet your monthly expenses. He looks for a low
income-to-expense ratio.
Down Payment:
If you want to buy something on credit, the larger the down
payment you offer, the better your chances of
success. The more you put down, the lower risk you are to the
lender.