Understanding Credit

A credit score can range anywhere between 300 - 850 and is comprised of 5 different categories. The information below shows what factors are used to calculate your credit score, and the actions that affect it.

Types of Credit - 10%:
This looks at what types of credit you have.

New Credit - 10%:
New applications for credit might cause you to be risky and lower your score.

Length of History - 15%:
How long your accounts have been open. If you are going to close an account, DO NOT close the oldest.

Payment History - 35%:
Making sure that you have your payments in full and on time.

Debt Utilization - 30%:
How active EACH of your accounts are will affect this portion of your score.



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