What affects my credit score?
An example of an AI chatbot conversation about factors influencing credit scores.
What affects 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 credit utilization?
Credit utilization is the ratio of your current credit card balances to your credit limits. It's recommended to keep it below 30%.
Does checking my own credit score affect it?
No, checking your own credit score is considered a soft inquiry and does not affect your credit score.
How can I improve my credit score?
You can improve your credit score by paying bills on time, reducing debt, keeping credit utilization low, and avoiding new hard inquiries.
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