1. Your payment history. This accounts for about 35% of your credit score. This category indicates what your bill-paying habits are like. It will reveal things like whether or not you have ever been late.
2. How much you owe. This category accounts for about 30% of your score. It looks at the total amount you owe on all accounts and how much you owe on different types of accounts such as credit card, auto loan, and mortgage accounts.
3. How long you have had credit. This comprises about 15% of your score. Generally, the longer you have had credit, the better. The average consumerâ€™s oldest account is about 14 years old.
4. Your last credit application. This accounts for about 10% of your score. If you apply for a large amount of credit in a short amount of time and you donâ€™t have a long credit history, lenders may get the message that youâ€™re searching for money to borrow.
5. The type of credit you use. This accounts for about 10% of your score. Lenders want to see consumers with a variety of credit. The highest scores go to consumers who have both revolving accounts like credit cards and installment accounts like a car loan or a mortgage.