Your credit score is calculated by weighing different factors from your credit report. The most important factors that determine your credit score are:
- Payment history: Do you make your payments on time?
- Amount of credit you owe: What are the balances on your credit accounts?
- Utilization of credit: Are you close to your balances to your credit limits?
- Length of credit history: How long have you been building your credit history?
- Searching for new credit: Are you looking to refinance?
- Credit mix: What type of credit do you have and is it a good mix?