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 long does negative information stay on my credit report?

Negative information, like late payments or bankruptcies, can stay on your credit report for up to 7 to 10 years, depending on the type.

Can I improve my credit score quickly?

Yes, you can improve your score by paying down debt, making payments on time, and checking your credit report for errors.