Factors Affecting Credit Score | How Credit Score Increases or Decreases? | Credit Score
Your credit score is like a puzzle, made up of different pieces. But which pieces matter the most? Let's break down the key factors that influence your credit score and how you can take control!
There are five major players in the credit score game:
Payment History (35%): The most critical factor! Pay your bills on time, every time.
Credit utilization (30%): Also known as your credit utilization ratio. Keep your credit card balances low.
Length of Credit History (15%): The longer your credit history, the better. Don't close old accounts.
Credit Mix (10%): Having a mix of credit accounts (loans, credit cards) can be a positive.
New Credit (10%): Avoid applying for too much credit at once.
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