Credit Cards

Eliminating Credit Card Debt

What is the first step to eliminating credit card debt?

The first step to eliminating credit card debt is to destroy the cards. This will prevent you from adding further debt onto the card.

Percent Weighed Description
35% Payment History (how reliable you are in making payments on credit cards and long-term loans)
30% Debt, including total owed, number of accounts with balances, percentage of available credit
15% Length of Credit History. Generally, a longer credit history improves your score
10% New Accounts, including those recently opened and those for which you are in the process of applying
10% Other. FICO considers other minor factor, such as whether you have a diverse range of loans, including auto, home, and credit cards. Generally, it is better to have a range of loans rather than several of one type.


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