What affects your credit score?
Several factors influence your credit score, including:
- Payment history: Whether you have paid your bills on time and the frequency and severity of any late payments.
- Amount owed: How much you owe on each of your open credit accounts and the percentage of your credit limits you are using.
- Length of credit history: How long you have had each of your credit accounts and the average age of your accounts.
- New credit: How many new credit accounts you have opened recently and the number of recent credit inquiries.
- Credit mix: The variety of credit accounts you have, such as credit cards, mortgages, auto loans, and installment loans.