If you wanted to know what factors contributed to your credit score, how could you find out?

Home Forums Credit Reports & Scores If you wanted to know what factors contributed to your credit score, how could you find out?

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    StellarFi
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    Team StellarFi
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    The factors that contributed to your credit score depend on the credit scoring models being used and the information being reported to the credit bureaus – Equifax®, TransUnion®, and Experian®. Some lenders may report to all three, others may report to one or two, and a few may not report to any at all.

    You can find out the factors that influenced your credit score by reviewing your credit report every month. It will have all the information about the factors in your credit score. Some credit bureaus mention the scoring models and versions they use and the factors that are considered on it as well. There are mainly five factors that influence your credit scores to different levels: payment history, credit utilization, length of credit history, credit mix, and new credit.

    The most commonly used scoring models, FICO® and VantageScore® based on your payment history (35% of your FICO score, moderately influential for your VantageScore), credit utilization (30% of FICO score, extremely influential on your VantageScore), length of credit history (15% of your FICO Score, less influential on your VantageScore), credit mix (10% of your FICO score and highly influential on your VantageScore). New credit has relatively less influence on your FICO and VantageScore (10% of FICO).

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StellarFinance, Inc. and its affiliates do not provide tax, legal or accounting advice. This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal or accounting advice. You should consult your own tax, legal and accounting advisors before engaging in any transaction.

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