5 Factors That Affect Your Credit Score

Your credit score is one of the most influential components when it comes to being approved for loans and credit cards

If you want to buy a car, a good credit score can help you find a loan at a low rate.

Credit Utilization

One of the most important factors is how much credit you have available versus how much debt you currently have.

Payment History

You might not feel like an occasional late payment on a credit card is a big deal, but it can impact your credit score negatively

Credit History Length

You’re not born with a credit history; it has to be built over time.

Types of Credit

Having a nice mix of credit — such as credit cards, a home mortgage, and an auto loan — can contribute positively to your credit scores, though it isn’t required.

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