In order to work on bad credit relief, you need to know what your credit score is. Some information can be secured for free on-line, while more detail will cost you.This is money well spent, however, because you cannot fix an unidentified problem.Score in hand, you will want to apply the breakdown. In general, amounts owed, new credit, types of credit used, length of credit history and payment history make up your credit score.
Knowing the amount that each of those components affects your overall score will also help you work towards bad credit relief. For example, the amount of debt that you owe affects your overall score by around 30%. The amount of new credit that you have opened affects the score by 10%, as well as does the types of credit you have used or are currently using. The length of your credit history affects 15% of your score, and your payment history affects the last 35%.
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Jasmine Birtles, Founder, MoneyMagpie.com