CampusRd - college credit report, credit score, credit cards and student loans 312.854.7605 / Join Our Network /

Credit Rating Blog

Get the latest news and opinion pieces through our financial industry blog.
Our writers develop articles on financial matters that affect the everyday lives of all our users.
Credit rating and free credit ratings
Home > Credit Rating > Blog > There are 5 categories that go into your credit score Credit rating and free credit ratings

There are 5 categories that go into your credit score

Thursday Apr 29, 2010

Yesterday I wrote about who can look at your credit score (so make sure it’s always pretty).

Today, I’m going to touch on what makes up your credit score to give you a better idea of what you need to do to keep it in the A-OK range, OK? There are 5 categories that go into your credit score:

1. Payment History – 35%
2. Total Amounts Owed – 30%
3. Length of Credit History – 15%
4. New Credit -10%
5. Type of Credit I Use – 10%

Now that you have this morsel of information in front of you, what does it mean? Well, you can see that your history (i.e. paying your bill on time) is the most important, so keep that up. Then, your credit score takes into account just how much debt you’re in. So, the higher the amount you owe (this is debt in general) the lower your score will be compared with your payment history.

Now, if you’re a student you don’t have a long credit history, and, if you’re responsible, you don’t have a lot of debt yet either (besides student debt which I’ve written about in a previous blog, that’s the good kind of debt). Ergo, your score shouldn’t suffer from your history and the amount you currently owe.

Let’s look at ‘New Credit.’ If you’ve got some loan debt and one or two student credit cards with low balances and paying your bill on time, you’re doing GREAT! But, if you keep applying for credit cards or credit accounts one right after the other, that looks bad. Your score will probably lower with the more accounts you open.

Finally, the type of credit you use is considered. This I will address in my next installment.

< Previous Next >


Be the first to add a comment by filling out the form below

Add your comments...


 Required, will not be published

  Comments are moderated and generally will be posted if they are on-topic and not abusive

Verification `s Enter #`s here


Featured Credit Rating

Equifax ID Patrol™

Equifax ID Patrol™



Credit Rating Blog

Using accounting principals to predict credit ratings
Tuesday Oct 08, 2013

Fixing the mistakes on your credit report
Thursday Jun 10, 2010

View all >

Credit Rating Tweets


CampusRd, Credit Rating, Credit Cards, Loans, Credit Score
Call Today (312) 854-7605 
© 2022, a business unit of Uloop, Inc  
Email Address    
Password  (forgot password?)      
Tell a friend about this offer    
A link to this page will be sent to the
"Destination Email Address" below, in accordance
with our privacy policy and terms of use policies
Your Email Address    
Destination Email Address    
Verification #'s Enter #'s here
Forgot your password?    
Email Address