What's in Your Credit Score?

TGrad What's in Your FICO Score? THE KEY FACTORS AFFECTING YOUR CREDIT SCORE 35% 30% DEBT (HOW MUCH YOU OWE): PAYMENT HISTORY Late payments can damage your score quickly, but a record of on time payments helps your score. The more you owe in proportion to your credit limit, the lower your score will be. 10% NEW CREDIT Opening new credit accounts may potentially lower your score; it represents greater credit risk. 15% LENGTH OF CREDIT HISTORY 10% TYPES OF CREDIT The longer your credit history, the better. Responsibly managing different types of credit- such as a student loan, auto loan and credit cards-can help your score. YGrad