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May
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The following factors are used in determining a credit score. Payment history, your outstanding debt, experience in borrowing and number of recent new accounts.
How Payment History affects your credit score
35 percent of a credit score is determined by your payment history. They check whether you regularly pay your bills or fines on time to your creditors.
How Your Outstanding Debt Affects your credit score
30 percent of a credit score is based on the amounts you owe each of your creditors. The more the more your credit score will suffer.
How much experience you have in borrowing and repaying money.
15 percent of credit score is based on the length of your credit history. The older you have been a borrower the better (assuming you’ve made timely payments).
How The Number of New Accounts Affect Your Credit Score
Finally 10 percent of your credit score is based on how many accounts you’ve recently opened. Your score can drop if it looks as if you’re seeking several new sources of credit — a sign that you may be in financial trouble
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