How are credit scores determined?
Scores are determined by five different categories of information in your credit report. Payment history is by far the most important factor of your credit report. It's essential to pay your bills on time, every single time. Any late payment is going to have a significant effect on credit scores.
What is the most important factor on your credit report?
Payment history is by far the most important factor of your credit report. It's essential to pay your bills on time, every single time. Any late payment is going to have a significant effect on credit scores. Your payment history accounts for about 35% of a credit score.
How important is amounts owed to your credit score?
Amounts owed is the second-most influential of the credit score factors. Worth 30% of your FICO Score, the amount of debt you carry (especially credit card debt) is nearly as important as whether you pay your bills on time.