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5 Factors To Know When It Comes To Your Credit Score  

A good one gets you an apartment, a house, a car, a job, a gym membership, insurance, and a dozen other things like a gas card, a store card, or an Amazon Prime membership. It defines your life. It can disappear in a nanosecond.

We all fight to build it, rebuild it, and keep it steady. We use the best credit repair companies available in our areas. We take out bad credit loans with which to rebuild it. We’re talking about a credit score. 

We might not always understand what goes into a credit score, or even why it’s necessary. Credit is necessary (a) to prove you’re alive, and (b) having credit of any kind prevents you from living off the grid. Life’s more difficult when you’re searching for a home or transportation, for example, with other than sterling credit. Here are five things to know about credit scores. 

  1. Payment History 

How many years you’ve been paying your bills on time tells the credit bureau what kind of credit risk you pose. You have a track record. This is very important. It constitutes 35 percent of your credit score.

Typical credit vehicles include credit cards, loans, student loans, mortgages, and car loans. While utilities aren’t typically considered in credit scores, let them be paid late multiple times, and they’ll impact your credit score negatively.

2. Credit Usage

Thirty percent of your credit score is how much debt you carry. It’s called credit usage. It means how much of your credit card limit you’re using at present, how many loans exist on which you’re paying, how many student loans you repay, and so forth.

These two items are the most important and rank the top two for a very good reason. If all your credit cards are maxed out, and you can’t pay your bills on time each month, then you’re a bad credit risk. You won’t be getting more credit unless you use one of the best credit repair companies to help.

3. Length Of Credit

Many people begin their credit journey at age 19 or 20 in college or on their first job. They get their first car, an apartment, take a vacation, or finance their wedding. As the years go by, they buy more things. It’s this length of credit that tells the credit bureau that you understand the purpose of credit, whether or not you’ve used it wisely, and if you will repay it on time each month. The longer your credit accounts remain open, the more your credit score is helped. This is 15 percent of your credit score.

4. Types Of Credit Mix

Now we’re up to 80 percent of your credit score. Another important factor in a credit score is credit mix. This means a variety of credit products such as installment loans like car payments, bad credit loans, or mortgages, and revolving loans like credit cards, gas cards, and store cards. Credit mix is ten percent of your credit score.

5. Credit Score Inquiries

When a business asks for a copy of your credit report, that’s a hard inquiry. It’s worth ten percent of your credit score. Many hard inquiries will bring your credit score down a bit, so work on getting more credit a bit at a time. Learn more about it by visiting

Be aware that the times are changing. Anything can and will go to collections, and that impacts your credit score. Parking tickets, unpaid medical bills, the power bill, not paying the rent, overdrafts at the bank, and more impact your credit score.

The financial mall at offers stores that explain these and more through reading and videos. Be aware, also, that there are lenders and those who direct you to the lender that best suits your needs and circumstances. It’s a bonus when such directors are able to educate you with products like the mall or Use your credit wisely, and good luck!


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