>> WID Financial Llama: Fourth factor in your credit score.
The WID Financial Llama is on screen broadcasting from his elegant living room.
>> Hello friends and welcome to another episode of me the WID Financial Llama.
>> The fourth element in your credit score is new credit, so this probably makes sense to everyone.
If you were to go out and all of a sudden open a couple of new credit cards maybe within a few days of each other, a credit reporting agency would think “Hmm…I’m wondering if they’re having financial trouble,” that could negatively affect your score.
>> New credit tip: don’t open multiple new credit accounts within a short period of time like a few days or weeks, instead wait six months before applying for another account when possible.
Just by knowing a few rules, we can make plans and make sure we avoid these pitfalls when it comes to your credit score.
>> So join us in our next episode where we’ll talk about the fifth and last element to your credit score and give you a few tips to take along your road to building better credit and credit scores.