Credit Score Factors
Here is a percentage breakdown of the aspects of your credit report that contribute to your credit score calculation:
35% - Payment History
30% - Amounts Owed
15% - Credit History Length
10% - Credit Types
10% - New Credit Requests
Payment History
- Total number of accounts
- Total number of negative records or accounts sent to collections
- Currently delinquent accounts including total number of past due items, how long payments have been past due,
and time since last overdue payment
Amounts Owed
- Types of credit accounts with balances and the amount you currently owe on each
- Amount of total credit limit currently in use
- Loan payment requirements and their initial balances
- Number of accounts with no balance
Credit History Length
- Amount of time since your first credit account was opened
- Time since last credit request was made
Credit Types
- Types of credit reported (credit cards, personal loans, mortgages etc...)
- The mix of account types (some of each will benefit the score)
New Credit Requests
- Number of accounts recently opened and their proportion to total accounts
- Amount of recent credit inquiries
- Time since most recent credit inquiry
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