Your credit score is influenced by the following factors:
Available Credit – 2%
What is the amount of money you have left to use? This is your credit limit minus your balance. Reducing your credit usage
can improve your credit.
Balance – 6%
How much debt do you have? This is based on the balance you carry on your accounts as a
New Credit – 11%
How many accounts have you recently opened? This is the frequency of credit inquiries and new account openings.
When you open several accounts in a short period, this generally translates to greater
Credit Utilization – 20%
What percentage of your credit limit is in use? It is recommended that you use no more than 30% of your available
Age and Mix of Credit – 20%
How long have your accounts been open? An extensive credit history will typically increase your score.
What type of credit accounts do you have? This relates to your mix of retail accounts, credit cards, finance
accounts, mortgages, and installment loans. It is not necessary to have one of each.
Payment History – 41%
Have you paid past credit accounts on time? Pay your bills on time. Paying bills 30 days late or more will have a
negative impact on your credit score.