Top 7 Factors That Affect Your Credit Score
1. Payment History
A record of late payments on your current and past credit accounts will typically lower your score. Being consistent and paying on time can, over time, have a positive impact on your score.
2. Public Records
Bankruptcies, judgements, and collection items may lower your score.
3. Length of Credit History
In general, a longer credit history is better and can sometimes have a positive impact on your score.
4. New Accounts
Opening multiple new accounts in a short period of time may negatively impact your score.
A large number of recent inquiries may negatively impact your score.
6. Accounts in Use
The presence of too many open accounts can have a negative impact on your score, whether you’re using the accounts or not.