Kewho Min, Accountant, On Your Credit Score

I recently wrote a piece on what a credit score is and the importance of maintaining a good score on another site of mine: KewhoMin.net. And although I provided a good overview of a credit score, I never gave too much insight into what can impact it. So, without further ado, here are some of the most common factors that can influence your credit score.

On-Time Payments
This is probably the most obvious factor in this list. One of the biggest mistakes made by new credit card holders is assuming that as long as you make the payments eventually, everything will be fine. This is very wrong. Missing even one payment can drastically affect your credit score in a negative way. By ensuring that your bills are paid on time you are demonstrating to creditors that you are reliable.

Number of Accounts
While having and maintaining multiple credit accounts, such as loans, mortgages, credit cards, etc., is a good thing, having too many can actually be detrimental. Opening new lines of credit for the sake of having them is not smart. Think long and hard about what line of credit seems right for you. Make wise choices!

To read the full article, written by Kewho Min, make sure to click the link.

About Kewho Min

Kewho Min is a seasoned professional accountant with decades of experience in finance and accounting. Currently, Kewho Min serves as the vice president to a high profile financial institution. Outside of work, Kewho Min is an avid fan of sports, particularly football and baseball, and thoroughly enjoys New York City and everything it has to offer.