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What Makes a Credit Score

Credit Score chart
Your payment history (35%)
How much you owe, comparing your debt to your credit line (30%)
How long you have had credit (15%)
When you last applied for credit (Inquiries) (10%)
The types of credit you use (Installment loans, bank cards etc.) (10%)

Your Payment History

The first thing a lender wants to know is how you have paid on your past accounts. If you have delinquencies or late payments, they will impact this factor of your score. The more accounts that show clean payment track record the better your score.

How much you owe, comparing your debt to your credit line

While having credit and using credit is not bad for your score, extending your borrowing to the credit limit reflects that you may be over-extended and are more likely to pay late or not at all.

How long you have had credit

A long credit history gives creditors an idea of your payment actions over a period of time. If you have a short credit history, less is known about your risk and therefore creditors conservatively rate you as higher risk.

When you last applied for credit (Inquiries)

Application for different kinds of loans in a short period of time may represent risky behavior and could mean a big potential increase in debt. When you check your report or it is checked for pre approved marketing purposes, it is called a 'soft inquiry' and does not affect your personal Credit Score.

The types of credits you use (Installment loans, bank cards, etc.)

Your personal credit score is highest when there is a healthy mix of revolving credit and installment loans reported in your credit file.

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