Credit History
The way credit card owners pay off their balances has a tremendous effect on their credit history. Two of the most important factors reported to a credit bureau are the timeliness of the debt payments and the amount of debt to credit limit. Lenders want to see payments made as agreed, usually on a monthly basis, and a credit balance of around one-third the credit limit. The credit information stays on the credit report generally for 7 years. However, there are a few jurisdictions and situations where the timeframe might differ.
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Famous quotes containing the words credit and/or history:
“Truth lives, in fact, for the most part on a credit system. Our thoughts and beliefs ‘pass,’ so long as nothing challenges them, just as bank-notes pass so long as nobody refuses them.”
—William James (1842–1910)
“As I am, so shall I associate, and so shall I act; Caesar’s history will paint out Caesar.”
—Ralph Waldo Emerson (1803–1882)