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What makes up my credit score?

  • Updated

Credit scores are calculated using information about your spending and payment history. The precise formulas for credit scores are only known to credit bureaus, but they generally consider the same factors.

Credit score factors

Payment history (35%)

Your credit reports reflect your payment history. Missed or late payments can negatively impact your score. Timely payments made in full can affect your score positively.

Payment history is key to increasing your score. Making frequent payments can help you get a better credit rating.

Credit utilization (30%)

Your credit utilization measures how much you owe in comparison to your available credit. A lower rate for credit utilization reflects well when calculating your credit score. 

Length of credit history (15%)

This shows how long your credit accounts have been active and open. Longer credit history in good standing results in a positive impact on your credit file.

Types of credit accounts (10%)

Having more than one type of credit product is good for your credit score. Types of credit products include, but are not limited to, credit cards, car loans, and mortgages.

Credit inquiries (10%)

Applying for new credit products frequently negatively impacts your score. Credit inquiries can bring your score down.

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