: Your record of on-time or late payments.
Credit scores are calculated using data from your credit reports provided by the three major bureaus: Equifax , Experian , and TransUnion. Core Calculation Factors (FICO Model)
: How long your accounts have been established. credit sore
: The variety of accounts, such as credit cards and installment loans.
: Total debt and your credit utilization ratio. : Your record of on-time or late payments
: Recent credit inquiries and newly opened accounts.
Lenders use these scores to decide on loan approvals and to set interest rates. Anatomy of the credit score - ScienceDirect credit sore
💡 : A single payment that is 30 days late can drop a score by 60 to 110 points. Why Scores Matter