Your credit score is incredibly important to your financial future, but have you ever wondered how it’s determined? As it turns out, there are five primary factors that influence your credit score. Considering knowledge is power, it can never hurt to know what determines your credit score.
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Payment History
Paying your bills on time plays a major role in your credit score. Coming in at 35%, your payment history makes up the largest single chunk of your score. The most important part of a credit score, payment history is composed of your history in paying off past credit accounts. A history marred by late payments or defaults will hit your credit score hard.
Amounts Owed
Length of Credit History
Credit Mix
New Credit
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