Breakdown of a CREDIT SCORE
Breakdown of a
CREDIT SCORE
HOW IS A CREDIT SCORE CALCULATED?
10%
MIX OF CREDIT
10%
NEW CREDIT
35%
PAYMENT HISTORY
15%
LENGTH OF CREDIT
30%
CAPACITY
PAYMENT HISTORY CAPACITY LENGTH OF CREDIT
Making payments on time boosts your score
The less you use of your total available credit each month, the better A longer history of good credit habits raises your score
NEW CREDIT
Opening lots of new credit cards in a short amount of time can hurt this part of your score
MIX OF CREDIT
A mix of revolving credit (credit cards) and installment loans (mortgages, car loans) boosts your score
WHAT DOES YOUR SCORE SAY ABOUT YOU?
Actual scores may be interpreted differently, depending on the financial institution.
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