What factors are considered when calculating my credit score?

When calculating your credit score, several factors are taken into account. The most crucial factor is your payment history, which includes whether you pay your bills on time and if you have any history of late payments or defaults. The amount of debt you owe and the utilization of your available credit also play a significant role. A longer credit history is generally beneficial, demonstrating your ability to manage credit over time. The types of credit you have, such as credit cards, loans, or mortgages, are also considered. Lastly, any recent applications for new credit or opening new accounts can impact your score. It is vital to note that each factor's significance may vary among individuals, and different credit scoring models may have different weightings for these factors.