There are five factors that go into determining your FICO score, and each is given different weight in the calculation. Past payment history accounts for 35% of the credit score. The amount of outstanding credit you owe counts for 30%. The length of your credit history counts for 15%, including length of time since you established credit and the length of time since you last used the credit. New credit, or the number of times you have recently applied for accounts, counts for 10%. Finally, the types of credit used counts for 10%. If you don’t know what your credit score is, experts recommend you find out and regularly monitor the information affecting your credit reports and credit scores at each of the three credit bureaus.
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