What factors affect my credit score?

What factors affect my credit score?

Your credit score is influenced by several factors, including payment history, credit utilization, length of credit history, types of credit, and recent inquiries.

How much does payment history impact my score?

Payment history is the most significant factor, accounting for about 35% of your credit score. Late payments can severely lower it.

What is considered a good credit utilization ratio?

A good credit utilization ratio is typically below 30%. This means you should use less than 30% of your available credit.

How can I improve my credit score?

To improve your credit score, pay your bills on time, reduce your credit card balances, avoid new hard inquiries, and keep old accounts open.

How long does it take to see improvements in my credit score?

Improvements can be seen within a few months, but significant changes may take longer depending on your actions and credit history.