There are a handful of numbers that are essential for you to know. One of those numbers is your credit score. Although many people know their credit score off the top of their head, few fully understand the determining factors for your credit score. Admittedly, understanding how your credit score is calculated can be a confusing issue. That’s why our financial team has developed a guide for letting you know what factors determine your credit score.
Perhaps the most important factor in determining your credit score is your payment history. This includes information on any late payments that you have had to make in the past.
Speaking of late payments, another important factor in determining your credit score is the amount that you owe. This includes any payments that you have not yet paid in full.
3.Length of Credit History
Another deciding factor in credit score calculation is the length of your credit history. This determines just how long that you have been using credit. The longer the history, the more information there is.
4. New Credit
If you’ve recently initiated new credit accounts for yourself, this can affect your credit score. Unfortunately, if you have opened a number of new credit accounts recently, it can negatively affect your score.
5.Types of Credit
One final factor in determining your credit score is the types of credit accounts that you have open. This helps determine what you use credit to help pay for.
Armed with this new knowledge, we hope that you have a better understanding of the intimate details of your own credit score. Come in today and we would be happy to answer any other questions you may have!
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