2. “Maximizing Benefits: Business Credit Cards for Nontraditional Ventures”

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Understanding Trended Credit Data

What Is Trended Credit Data?

Trended credit data refers to the analysis of patterns in your credit history. This data helps companies draw insights from your credit behavior over time. Recent credit scoring models like VantageScore® 4.0 and FICO® Score☉ 10 T utilize trended data to determine your credit scores. Creditors can either analyze your credit report directly for trends or purchase tools from credit bureaus to assist in this analysis.

How Can Companies Use Trended Data?

Creditors can access and use trended credit data in several ways:

• Identify Trends Independently: Large creditors may have the resources to analyze trends in credit reports on their own, creating their own credit scores or supplementing existing ones.
• Purchase Trended Data Attributes: Credit bureaus sell trended credit attributes that highlight trends in credit reports. Creditors can order these as add-ons when buying a credit report.
• Use Credit Scores Incorporating Trended Data: Creditors can opt for credit scores that consider trended data, such as VantageScore 4.0 and FICO® Score 10 T.

Types of Trends That Impact Your Credit

Creditors and credit scoring companies look for trends that predict the likelihood of future missed payments. These trends include:

• Changes in credit card balances
• Variations in average credit utilization ratio
• Highest credit utilization ratio during a specific period
• Payments over the minimum amount due
• Frequency of exceeding credit card limits
• Number of credit limit changes
• Trends in late payments

Typically, recent trends (from the past 3, 6, 12, or 24 months) are more predictive of your current financial situation.

How Trended Data Impacts Your Credit Score

Trended data can influence certain credit scores and your overall creditworthiness:

• Selective Impact: Only some credit scores, like VantageScore 4.0 and FICO® Score 10 T, consider trended data.
• Supplementary Role: Trended data can be incorporated into existing scoring factors, such as changes in credit utilization over time.
• Significant for Good Credit: Trended data might significantly impact those with good or very good credit scores, potentially raising or lowering their scores based on positive or negative trends.

Improving Your Credit With Trended Data in Mind

To improve your credit considering trended data, focus on:

• Paying at least the minimum payment due to avoid late payments
• Making more than minimum payments on credit cards
• Consistently paying down loans and credit balances
• Maintaining low utilization rates on revolving credit accounts

While it may be challenging to consistently make large payments or avoid high balances, setting these behaviors as goals can help you get out of debt and save money.

Monitor Changes in Your Credit

Creating an Experian account allows you to check your credit report and get free credit monitoring. Your account can show historical trends, such as credit card balances and credit scores over time. When you’re ready to apply for a new credit card or loan, you can use your account to get matched with offers based on your credit profile.

For any mortgage service needs, call O1ne Mortgage at 213-732-3074. Our team is here to assist you with the best mortgage solutions tailored to your needs.

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