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9 • Other Factors are from
an overview of your habits!

Other Factors contribute 10% to your credit report calculation! Even though credit authorities publish very little on what these "Other Factors" are, they exist inside an algorithm that analyses all of the facts that are collected about you and your spending and credit usage habits.

FICO chart series

The most prominent component of other factors is Types of Credit Utilized. There are three primary types that are regularly used. These are, Revolving Credit Accounts, Consumer Loans, and Mortgages. Diversifying credit uses and maintaining these accounts in good standing does provide a broad scope of reporting on your habits that substantiates your credit rating. In general, diversifying your credit by having credit cards and installment loans (and paying timely payments) will build your credit rating.

Someone with no credit cards, for example, tends to be higher risk than someone who has a history of managing credit cards. So you need to have credit cards to be in the membership but must manage them responsibly as a payment convenience rather than a loan in order to keep only minimal debt.

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