What does your credit score consist of? Approximately:
· 35% payment history
· 30% current debt
· 15% credit history (how long have you had credit)
· 10% type of credit (car loan, student loan, credit cards, etc.)
· 10% credit score inquiries
The purpose of credit scores is to mathematically rate an individual’s future level of risk, based on data, and without taking into account factors that may be discriminatory.