A long credit history demonstrates that you have had plenty of practice managing debt payments.Ĭredit mix refers to the types of credit you rely on. Length of credit history refers to the amount of time you have had your accounts. Using more than about 30% of your available credit will likely lower your score. Late or missed payments can significantly lower your credit score.Ĭredit utilization reflects the amount of credit you are using relative to your credit limit. Payment history is based on your record of paying bills on time and is the most important criterion for determining your score. What affects my credit score?Īcross all of the credit reporting and scoring services, these are the most important factors that go into your credit score. For example, after a 2022 study by the Consumer Financial Protection Bureau (CFPB) found that the credit scores of one in five Americans are lowered by medical debt, the three bureaus announced that they would change their credit reports to exclude some forms of medical debt. As a result, you may see slightly different scores based on whether data was pulled from all three bureaus or just one.Ĭredit bureau and scoring algorithms also have different versions sometimes a lender will use a score drawn from the latest version or rely on an older, even years-old version of the algorithm. FICO and VantageScore get these data in turn from three credit bureaus that track your credit activity: Equifax, Experian and TransUnion. FICO and VantageScore base their algorithms on the same underlying data but assign a different weight to the same criteria. There are myriad factors that determine your credit score. Why do I have more than one credit score?
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