Ever wondered what goes into building your credit score?
Building Credit
What goes into your Credit Score?*
40%
Payment History
Do you pay your bills on time?
23%
Credit Usage or Utilization
How much debt do you have?
21%
Account Age
A combo of your oldest account, newest account, and their average age. Longer is better.
11%
Mix of Credit
You want to show you can handle a mix of loan types.
5%
Recent Activity
Applying for too much credit in a short period of time shows you need money.
Do's And Don'ts To Maintain A Good Score
Keep your credit usage or utilization - the percentage of credit you have available to you that you're actually using - low.
←DO
DON'T→
Miss a credit card payment - it can lower your score by 100 points or more.
Make it a point to pay your bills on time.
←DO
DON'T→
Open credit cards you don't need (just to get the store discount).
Check your credit reports from all three bureaus (Equifax, Experian, Transunion) annually at annualcreditreport.com to be sure there are no errors or fraudulent accounts in your name.
←DO
$45,000
The amount a good credit score can save you in interest over a lifetime assuming you buy a home and car and have both student loans and credit cards.
Powered by Savy Money.
- Jean ChatzkyDirector of Education, Editor in Chief
*Factors that are considered in making of a credit score using the VantageScore 3.0 model.
Monitor your credit score from our mobile banking app.
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