A Credit Score represents how likely you are to repay a loan on time
5 factors that determine your credit score
- Payment History (35%) – A track record of payments to credit accounts.
- Overdue Amount (30%) – The amount left unpaid even after the due date.
- Credit History (15%) – A record of debt and payment of debt over a period of time.
- Credit Mix (10%)) – The variety of loans file, like credit cards, home loans, etc.
- New Credit (10%) – The number of new credit accounts and hard inquires made by the lender.
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