What factors affect my FICO score?

Several factors affect your FICO score, which is a crucial metric used by lenders to determine your creditworthiness. Payment history is the most significant factor, accounting for 35% of your score. Consistently making on-time payments helps boost your score. The amounts owed constitute 30% of your FICO score, so maintaining low credit utilization is crucial. The length of your credit history contributes 15% to the score; a longer credit history is generally more favorable. Credit mix, such as having a diverse range of credit types like credit cards, student loans, or mortgages, accounts for 10% of your score. Finally, the pursuit of new credit, including recent applications and opening new accounts, makes up 10% of your FICO score. By understanding and managing these factors responsibly, you can positively impact your FICO score over time.