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10%
CREDIT MIX
10%
15%
35%
PAYMENT HISTORY
Credit scores will consider your mix of credit cards, retail accounts, installment loans, finance company accounts and mortgage loans. Don't worry, it's not necessary to have one of each.
Credit scores will consider your mix of credit cards, retails accounts, installment loans, finance company accounts and mortgage loans.
The first thing any lender wants to know is whether you've paid past credit accounts on time. This helps a lender figure out the amount of risk it will take on when extending credit. This is the most important factor in a credit score. Be sure to keep your accounts in good standing to build a healthy history.
CREDIT HISTORY LENGTH
NEW CREDIT
In general, a longer credit history will increase your credit score. Your credit score takes into account how long your credit accounts have been opened, how long the credit account have been established and how long it has been since you used your accounts.
30%
AMOUNT OWED
If you are using a lot of your available credit, this may indicate that you are overextended - and banks can interpret this to mean that you are at a higher risks of defaulting.
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