Credit Score
Credit Score Factors
Most modern credit scores look at the same general categories. Understanding them helps explain why your score moves the way it does.
Payment history
Whether you pay on time is typically the single largest factor. Even one 30-day late payment can have a meaningful, lasting effect.
Credit utilization
How much of your available revolving credit you are using on each card and overall. Lower is usually better.
Length of credit history
The age of your oldest account, your newest account, and the average age across your file. Longer histories generally help.
Credit mix
Whether you have a mix of revolving (cards) and installment (loans) credit. Mix matters less than payment history or utilization.
New credit and inquiries
Hard inquiries from new credit applications and the volume of recently opened accounts can cause short-term dips.
Approximate weighting
- Payment history — largest factor
- Credit utilization — second largest
- Length of credit history — meaningful
- Credit mix — smaller
- New credit and inquiries — smaller and shorter-lived
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