It’s no secret your credit can affect many aspects of your daily life. It can impact your ability to rent an apartment, borrow money, or even influence an employer’s decision on hiring you for managing roles. Having a healthy credit score is crucial so it’s important to understand the factors that affect it.
According to a report by myFico, the following is a breakdown of how your score is calculated
- Payment History: 35%
- Amounts Owed: 30%
- Length of Credit History: 15%
- New Credit: 10%
- Credit Mix: 10%
They also offer a few suggestions for you to consider in order to keep a healthy score—including not missing payments, keeping your balances low, and never defaulting on a loan.
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