The truth is, you have control over your credit. Only you determine what accounts you open, how much debt you carry, how you make your payments, and how responsible you are with your credit and how that behavior translates to your credit report. Your credit score is comprised using the information from your credit report, so understanding how your credit behavior, especially paying down debt, may impact your credit score over time is important.
Your credit score is a number based on different factors in your credit history, including:
Paying your bills on time and your available balance are the two biggest factors in calculating your credit score, accounting for over 65 percent of your credit score computation. It’s basic math – handle these two things well and you’re more likely to have a higher credit score, generally speaking.
While the last three factors only account for 35 percent of your credit score calculation, if you keep applying for new lines of credit, it will affect your score.
Learning how to think differently about the components of your credit history and credit score is the first step toward being more in control of your financial life. Read more about what factors impact your credit score at Equifax.com.
Equifax maintains this interactive forum for education and information purposes in order to allow individuals to share their relevant knowledge and opinions with other members and visitors. We encourage you to participate in discussions about personal finance issues and other topics of interest to this community, but please read our commenting guidelines first. Equifax reserves the right to monitor postings to the forum and comments will be published at our discretion. Do you have questions or comments about your Equifax credit report or customer-service issues regarding an Equifax product? If so, please contact Equifax directly. All opinions and information expressed or shared in blog comments are solely those of the person submitting the comments, and don't necessarily represent the views of Equifax or its management.