• Create BookmarkCreate Bookmark
  • Create Note or TagCreate Note or Tag
  • PrintPrint
Share this Page URL
Help

Chapter 2. How Credit Scoring Works > The Five Most Important Factors

The Five Most Important Factors

Now that you understand in general how credit scores are calculated, we can move on to some specifics. The following are the five main factors that affect your score according to their relative level of importance, along with a percentage figure that reflects how heavily that factor is weighed in calculating FICO scores for the general population. Each factor might weigh more or less heavily in your individual score, depending on your credit situation.

Your Payment History

This makes up about 35 percent of the typical store. It makes sense: Your record of paying bills says a lot about how responsible you are with credit. Lenders want to know whether you pay on time and how long it's been since you've been late, if ever.


PREVIEW

                                                                          

Not a subscriber?

Start A Free Trial


  
  • Creative Edge
  • Create BookmarkCreate Bookmark
  • Create Note or TagCreate Note or Tag
  • PrintPrint