Credit Score 101: How is Your Credit Score Determined and How Can You Improve It?

Your credit score is based on the following five factors:

Your payment history. (35% of your score)
It shows whether you make payments on time, how often you miss payments, how many days past the due date you pay your bills and how recently payments have been missed.
How to improve it: Make all your payments on time. The higher your proportion of on-time payments, the higher your score will be. Each time you miss a payment, you risk losing points.

Amount owed on loans and credit cards. (30% of your score)
It's based on the entire amount you owe, the number and types of accounts you have, and the proportion of money owed compared to how much credit you have available.
How to improve it: Smaller balances on credit cards can raise your score0 if you pay on time. High balances and maxed out credit cards will lower your credit score. New loans with little payment history may drop your score temporarily, but loans that are closer to being paid off can increase it because they show a successful payment history.  

Length of your credit history. (15% of your score)
The longer your history of making timely payments, the higher your score will be.
How to improve it: This simply takes time. It may seem wise to avoid applying for credit and carrying debt, but it can actually hurt your score if lenders have no credit history to review.

Types of accounts you have. (10% of your score)
A mix of accounts is the best.
How to improve it: If you only have one type of account, add another type when it makes sense for you. Installment loans, home loans, retail and credit cards will improve your score.

Recent credit activity. (10% of your score)
Steady credit activity is best.
How to improve it: If you've opened a lot of accounts recently, or applied to open accounts, it suggests potential financial trouble and can lower your score. However, if you've had the same loans or credit cards for a long time and pay them promptly- even after payment troubles- your score will go up over time.

Be sure to review your credit report annually. It's smart to stay on top of your credit report, and know what potential creditors are seeing. You can request a free copy of your credit report from each of three major credit reporting agencies- Equifax, Experian and Transunion- once each year at AnnualCreditReport.com or call toll-free 1-877-322-8228.
Review your credit reports carefully, as each one may contain inconsistent information or inaccuracies. If you spot an error, request a dispute form from the agency within 30 days of receiving your report.

Information taken from Wells Fargo Home Mortgage Newsletter, Fall 2013, Volume 10, Issue 4

Ten Things You Might Not Know About Arizona

Arizona celebrated 101 years of statehood earlier this year.

Now as we approach our 102nd birthday, AZCentral brings you 101 things you may or may not know about the Grand Canyon State.
http://www.azcentral.com/news/arizona/articles/20131105arizona-101-prog.html

Apple in Arizona: More than 700 jobs coming to Valley, says Gov. Brewer

Great news for Mesa!!

By: abc15.com staff

MESA, AZ - Apple is coming to the Valley and will create more than 700 jobs for Arizonans, announced Gov. Jan Brewer Monday afternoon.

The newest U.S. manufacturing facility for Apple will be in Mesa near Elliot and Signal Butte roads.

"Apple is indisputably one of the world's most innovative companies and I'm thrilled to welcome them to Arizona," said Brewer.

She said it will create at least 700 quality jobs in the first year and generate significant capital investment. 

It will also generate about 1,300 construction and other associated jobs.

"Apple's confidence in Arizona and its selection of Mesa as the site of its newest manufacturing facility represents an enormous win for our state and a historic investment in our community," said Sandra Watson of the Arizona Commerce Authority.

Brewer said bringing Apple to Arizona was a collaborative effort led by the Arizona Commerce Authority, chaired by Brewer, in conjunction with partners at Salt River Project, the Greater Phoenix Economic Council, the city of Mesa and Maricopa County.