What affects a credit score

Payment history — about 35%

The largest single factor. A 30-day late payment can affect a strong file more than most people expect, and the damage grows at 60, 90 and 120 days. Nothing you do elsewhere fully offsets missed payments, which is why automatic payments on at least the minimum are the highest-value habit in credit.

Amounts owed / utilization — about 30%

This is the ratio of revolving balances to credit limits, measured both per card and overall. It is calculated from the balance reported on your statement date, not the balance after you pay. It has no memory — pay a balance down and the next reporting cycle reflects it, which makes it the fastest lever available.

Length of credit history — about 15%

Average age of accounts and the age of your oldest account both count. Closing an old, no-fee card removes its limit from your utilization and eventually its age from your average, so keeping it open and lightly used is usually better.

Credit mix — about 10%

A file with both revolving accounts (cards) and installment accounts (auto, mortgage, personal loans) scores better than one with only one type. This is not a reason to take on debt you do not need.

New credit — about 10%

Hard inquiries and newly opened accounts. Several applications in a short window signal risk, though rate-shopping for a mortgage or auto loan within a short period is usually treated as a single inquiry.

What is not in your score

• Income, savings, or employment
• Age, race, religion, national origin, or marital status
• Checking your own credit report (a soft inquiry)
• Debit card use or most rent and utility payments unless specifically reported