Several factors go into creating a credit score. It's important you understand how your score is determined.
- 35% Payment History - how you pay your bills (on-time
or delinquent) with greatest emphasis on recent pay history
- 30% Available Credit - amount of money you owe and the amount of available
credit you have
- 15% Length of Credit - the longer you've had credit, particularly with the same credit issuers, the better
- 10% Credit History - New credit applications and debt accumulations in the last 12-18 months
- 10% Credit Mix - the best scores have a mix of installment credit, such as auto and mortgage loans,
with revolving credit such as credit cards
