This factor makes up 15% of your total credit score. Your length of credit history, or your average age of accounts, means how long each account has been open and how long it’s been since the account’s most recent action. This is especially helpful if you’re just starting to build your credit and the card you’re using has a low credit limit. Hot Tip: One way to help keep your utilization low is to pay off all (or most) of your balance before your credit card’s billing statement posts. If you’re constantly maxing out your credit cards each month (even if you’re paying off the balance in full), it will adversely impact your credit. The lower you can keep your credit utilization, the better. For example, if you have a credit card with a $2,000 limit and make $600 in charges, when the statement posts your credit utilization will be 30%. Making up 30% of your overall credit score, credit utilization is the percentage of available credit that you have currently borrowed. Hot Tip: Want to avoid missing a credit card payment? Most issuers allow you to set up auto-pay! This ensures you’ll never miss a payment and your account will remain in good standing. If you have a history of late payments (especially those that have occurred recently), you’re unlikely to get approved for a card like the Chase Sapphire Preferred card. To receive a high credit score, you need to show a history of on-time payments month after month. ![]() Your payment history is responsible for 35% of your overall score, making it the most important of all 5 factors. This is because a “great score” in the 700s will not matter much for approvals if you have little to no credit history. Now that you know what your credit score is, it’s important to have some knowledge of the 5 factors that comprise your score:Ĭredit scores can often be misleading if you don’t have all of the information. You can also check your credit score for free with each of the credit bureaus. Credit Karma is free to use and can help you keep track of your score, it’s contributing factors, and any fraudulent activity. Most credit card issuers you have an account with will offer a free credit score calculator.īut if that service isn’t available to you, you can also easily open an account on a site like Credit Karma. If you already have a credit card open, then you’re probably in luck. But how should you go about finding out what it is? ![]() Here’s a break down of each of those factors to help you determine whether you’re likely to be approved for the Chase Sapphire Preferred card.īefore you dive into what credit score is needed for the Chase Sapphire Preferred card, you need to know what your credit score is in the first place. There are many factors an issuer like Chase takes into consideration when determining eligibility for applicants. ![]() If you’re considering opening the Chase Sapphire Preferred card as your newest (or first) travel card, you may be wondering whether you’re likely to be accepted. The Chase Sapphire Preferred ® Card is easily one of the most popular travel rewards cards on the market, and it’s a fantastic starter card for those new to the world of points and miles.
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