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Five Factors That Make Up Your Credit Score

Pie chart showing the breakdown of the 5 factors that affect credit scores

Payment History - 35% of your credit score is generated from how your pay your bills.
  • Credit card payments, installment loans, mortgages, and retail accounts are all considered.
  • Amount of time since a delinquent payment or collections items were introduced.
  • Amount of money owed on delinquent accounts.
Debt Owed - 30% is derived from the amount of money you owe.
  • Amount owed on all accounts and the different types of accounts you owe money on.
  • Number of open accounts you have and how many you carry a balance on.
  • Credit utilization on revolving accounts.
  • Amount owed on an installment loan versus the original loan amount.
Credit History - 15% is from the length of time you have established credit.
  • How long your credit accounts have been established including the age of your oldest account, the age of your newest account and the average age of all your accounts. 
New Credit - 10% of the score looks at credit that was most recently established.
  • Research shows that individuals that open several accounts in a short period of time are at greater risk of default.
Type of Credit - 10% is determined by the mix of your credit cards, installment loans, finance company accounts and mortgage note.