This 55-year-old has a perfect 850 credit score—here's a breakdown of his credit report.
Droske learned early on about the impact of people's credit on their purchases during his first job in finance at a car dealership's lending department.
"I would see two people buying the same car on the same day, and one person gets 5% [finance rate] and the other person gets 19% based on credit," Droske says. "That very quickly taught me the impact of credit, and then I was really curious about what made that number move."A hard inquiry, or "hard pull," means that a lender or credit card issuer has pulled your credit report from one of the main three credit bureaus, Experian, Equifax or TransUnion.
Of the two hard inquiries listed on Droske's credit report, one is older than 12 months so it no longer calculates into his credit score. The second inquiry was three months prior to the report but didn't affect his score at all. "Every inquiry does not automatically deduct points off of your credit report," Droske says.Perhaps the most important factor in your credit score is on-time payments.
" have zero missed payments. And for the small 2% who do, the missed payment happened, on average, approximately four years ago.can be easy to do, staying on top of your payments is the only way you will one day reach 850.
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