: How long your accounts have been established.
Lenders use these scores to decide on loan approvals and to set interest rates. Anatomy of the credit score - ScienceDirect
: Your record of on-time or late payments.
: Recent credit inquiries and newly opened accounts.
A credit score is a three-digit number representing your creditworthiness and the likelihood that you will repay debts on time. Most models, such as those from FICO and VantageScore , use a range from 300 to 850. Anatomy of a Credit Score
: Total debt and your credit utilization ratio.
💡 : A single payment that is 30 days late can drop a score by 60 to 110 points. Why Scores Matter
: The variety of accounts, such as credit cards and installment loans.
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