CREDIT SCORE BASICS

A credit score is based on the information drawn from your credit report and there are about 30 individual factors used to determine your score.

35%

    Payment history determines 35% of your score

  • Types of accounts
  • Payment information on credit cards
  • Installment and mortgage loans
  • Public record items and collection items
  • Details on late or missed payments
30%

    Outstanding debt determines 30% of your score

  • Amount owed on different types of accounts
  • Number of accounts that have balances
  • How close you are to each credit limit
15%

    Credit history determines 15% of your score

  • The length of your credit history
  • Durability of your accounts
  • Frequency of use of each account
10%

    Pursuit of new credit determines 10% of your score

  • Number of new accounts
  • How long your accounts have been opened
  • Number of credit inquiries
  • Recent credit history
10%

    Type of credit in use determines 10% of your score

  • Amount and diversity of open accounts