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Additional Details
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BE4LUV | What has the largest affect on my credit score? Payment history or debt to income ratio? |
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$m¤¤v¥ £¤¢¤
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This is what makes up your score:
1. Payment history- 35%
2. Total debt owed to available credit ratio-30%
3. Length of time establishing credit-15%
4. Types of credit established-10%
5. Inquiries and New accounts-10%
As you can see, payment history is the most important. The total amount of available credit on your credit cards and line of credit compared to the amounts you're using is next. This isn't to be confused with the total debt you carry vs. the total income. |
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tietzedet
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THE ANSWER PAYMENT HISTORY - SEE BREAKDOWN BELOW:
35 percent of the score is based on your payment history. This makes sense since one of the primary reasons a lender wants to see the score is to find out if (and how timely) you pay your bills. The score is affected by how many bills have been paid late, how many were sent out for collection, any bankruptcies, etc. When these things happened also comes into play. The more recent, the worse it will be for your overall score.
30 percent of the score is based on outstanding debt. How much do you owe on car or home loans? How many credit cards do you have that are at their credit limits? The more cards you have at their limits, the lower your score will be. The rule of thumb is to keep your card balances at 25% or less of their limits.
15 percent of the score is based on the length of time you've had credit. The longer you've had established credit, the better it is for your overall credit score. Why? Because more information about your past payment history gives a more accurate prediction of your future actions.
10 percent of the score is based on the number of inquiries on your report. If you've applied for a lot of credit cards or loans, you will have a lot of inquiries on your credit report. These are bad for your score because they indicate that you may be in some kind of financial trouble or may be taking on a lot of debt (even if you haven't used the cards or gotten the loans). The more recent these inquiries are, the worse for your credit score. FICO scores only count inquiries from the past year.
10 percent of the score is based on the types of credit you currently have. The number of loans and available credit from credit cards you have makes a difference. There is no magic number or combination of types of accounts that you shouldn't have. These actually come more into play if there isn't as much other information on your credit report on which to base the score. |
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Chris & Katie
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Payment history!!!!!! Always be on time with payments even if it is just the minimum! Never be late on things like your mortgage or car. |
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bdancer222
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Debt to income isn't part of your score. Creditors will take debt to income into consideration when reviewing your loan application. Remember your score is only a small part in the decision of your credit worthiness. Creditors look at your whole credit report and consider other factors such as income and work history.
Payment history is the most important factor in good credit. Pay everything on time and you will have a decent score. |
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BeachPrincess12
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Both are very big chunks and they are about the same ratio and then you have the age of your credit. Never close your oldest card. |
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Missy Mae
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Both Debt and Payment history |
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Aaron S
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BOTH |
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duckinhimer
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its all about payment history!! the credit people have no idea of your income. now to get a loan where the look at you income if you have a big debts and little income then it hurts your chance of getting that loan,but not your credit score |
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LilMomma1986
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The thing that affects your credit the most is unpaid bills |
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Bill C
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To look at it debt to income ratio comes first. No one wants to see you overextend yourself, but then comes the payment history, if that's not good, it doesn't matter what your D/I ratio is, you won't get credit when you need it if you don't pay on time. And by on time, within terms. If terms are monthly and you go past 30 days for a payment even once, it shows up as a negative on your report. |
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Banana Split
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Not paying an outstanding debt for over three months. |
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rockyfella25
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payment history unless you are apllying for some sort of loan then both would be important. |
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