1. Payment History: 35%
Paying Debt On Time Has a POSITIVE Impact!
Late Payments, Judgments & Charge-Offs Have A
Delinquencies from the Last 2 Years Carry More
2. Outstanding Credit Balances: 30%
This Factor Marks The Ratio Between The Outstanding Balance & The Available Credit.
Generally, When Planning To Enter A Loan Transaction Within 3-6 Months, You Should Be Below 30% Of The Available Credit Limit.
3. Credit History: 15%
This Marks The Length Of Time Since A Particular Credit Line Was Established.
A Seasoned Borrower Is Stronger In This Area.
4. Type of Credit: 10%
A Mix Of Auto Loans, Credit Cards, And Mortgages Is More Positive Than A Concentration Of Debt From Credit Cards Alone.
5. Number of Inquiries: 10%
This Quantifies The Number Of Inquiries That Have Been Made On A Consumers Credit History Within A 6-12 Month Period. Each Individual Inquiry Up To 10 Can Hurt Your Credit Score As Much As 5 To 30 Points. Any Additional Inquiries Thereafter Will Not Affect Your Credit Score.