This is the most important factor of the Five Factors to Credit Scoring – Making your payments on time.
Most consumers think that just making timely payments is the sole reason a credit score increases, which is not the case. The credit scoring system is much more complicated than just making payments on time.
However, making timely payments on all your loans and credit cards is the master key to raising your credit score. Without it, the other strategies are less meaningful.
If you have a perfect record, great job! Keep on track.
If you have had issues in the past, address them now, and make every effort to make payments on time going forward.
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