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What Goes Into Your Credit Score?

Credit Score
690 Oakvale Rd


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Contact Information

690 Oakvale Rd
Princeton, WV 24740
Phone: (866) 261-5005
One of the deciding factors in the decision of whether or not you receive a loan is your credit score. A credit score is a three-digit number that ranges from 300 to 850 with the latter being the best possible score. It is generated based on your credit report and is determined by a mathematical algorithm. Many people don’t specifically know what can harm or help their credit score, though. To make this a bit clearer, here are the various factors that go into forming your credit score.

Payment History

This factor can affect your credit score the most. If you pay your credit card bills and loans on time, it is likely you have a good payment history and credit score. People who don’t pay on time likely have a worse credit score.

Amount Owed

If there is a large balance on a loan or your credit card, this can lower your credit score. How much you owe is very heavily weighted in determining your number.

Length of Credit History

When you open your first credit line, it’s likely your score is worse than after a few years of having an account. The longer the amount of time with an account open increase your credit score because it proves you can be depended on due to your experience.

Types of Credit

There are multiple types of credit accounts to have open, including revolving and installment. The more diverse your credit lines, the better.

New Credit

If you’ve had a lot of credit inquiries and recently opened a lot of credit accounts, your credit score can falter. It might seem suspicious that you have opened so many credit lines in a short amount of time.

For any other questions you have regarding your credit score, feel free to contact Pantili Mitsubishi. We’re happy to help!

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