Factors That Determine Your Credit Score

1. Factors That Determine Your Credit Score Following are the factors that help in determining your credit score. Payment History The frequency with which you make your payments towards the debts is accounted for. Late payments lead to a lower score. Amounts Owed It is the amount owed on specific types of accounts, such as a mortgage, credit cards, etc. Lower debt fetches a better score. Length Of Credit History It accounts for how long have you been using credit and how old is your account. A longer history is likely to lead to a higher score. New Credit It considers all the new accounts that you may have. Opening several accounts in a short time may lower your credit score. Types Of Credit Used Having a mix of different types of credit is considered while determining a credit score. It helps to attain a good score. 8522 Broadway St., Ste. 208 San Antonio, TX 78217 210-340-0404 10961 Gateway Blvd. West, Ste. 200 El Paso, TX 79935 915-843-2681 7348 W. Adams Ave., Ste. 200 Temple, TX 76502 254-771-0020 1320 N. Zaragoza Rd., Ste. 111 El Paso, TX 79936 915-858-1996 201 E. Central Texas Expwy., Ste. 1600 Harker Heights, TX 76548 254-680-6155 16165 North 83rd Ave., Ste. 200 Peoria, AZ 85382 480-752-3110 100 W. Central Texas Expwy., Ste. 300 Harker Heights, TX 76548 254-690-3765 www.fcmloans4u.com Image Source: Designed by Freepik