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Some common factors that can affect an individual’s credit score include:
Payment History: The timeliness and consistency of payments on credit accounts, including credit cards, loans, and mortgages. Late payments or defaults can negatively impact credit scores.
Credit Utilization Ratio: The amount of credit used compared to the total available credit limit. Keeping credit card balances low relative to credit limits can positively impact credit scores.
Length of Credit History: The length of time credit accounts have been open and active. A longer credit history can positively impact credit scores, demonstrating responsible credit management over time.
Credit Mix: The variety of credit accounts, such as credit cards, installment loans, and mortgages, in an individual’s credit profile. A diverse mix of credit types can positively impact credit scores.
New Credit Applications: The frequency and timing of new credit applications or inquiries. Multiple recent inquiries or opening several new credit accounts within a short period can negatively impact credit scores.
Common factors affecting credit scores include payment history, credit utilization ratio, length of credit history, credit mix, new credit inquiries, public records, and debt levels.