Photo: SuperOhMo (Shutterstock)While having a low credit score definitely affects your ability to qualify for loans at reasonable rates, the upper range of your credit score doesn’t really matter as much. Anything above a credit score of 760 doesn’t really matterIt’s easy to obsess over your credit score, but you only really use it when you’re applying for credit, like when you want to finance a house or a new vehicle. But it’s important to keep your credit score in perspective, especially if you already have good credit habits and pay your debts on time. A single late payment can knock your credit down score by 100 pointsYour credit mix determines 10% of your credit score, so various open credit accounts—credit cards, installment loans, and mortgages—can help improve your score.Super-primeborrowers only use. The less you use, the better, as credit utilization accounts for 30% of your credit score.Your credit history—the length of time you’ve had open lines of credit—accounts for 15% of your credit score.

Source: The Nation September 23, 2021 14:03 UTC