As one would expect, the most important causes of credit success or failure will always be payment history and total debt owed. Although together these factors account for about 65 percent of your credit, there are several other aspects of your credit report that lenders look at to determine your credit-worthiness. Many of these factors are not obvious even to the most intuitive of minds. Here are 5 of the most overlooked factors that influence your credit.
1. The number of recent inquiries on your credit report. To most people this is not self-evident, but to lenders it makes perfect sense. If you have a lot of recent inquiries from lenders who are looking to determine your credit worthiness, then chances are you may be overextended and short of cash.
2. The proportion of your balances to their credit lines. If youre maxed out on your credit cards, then lenders may consider it a sign of one of three things: a) youre overextended and relying on your credit to make ends meet; b) youre addicted to credit and overuse your credit lines; or c) both.
3. Closing credit card accounts. Closing an account has the effect of lowering the credit limit on your credit...
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