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as of September 19, 2014

Checking your credit will not lower your score!

How is a credit score calculated?

  1. History of payments: Approximately 35 percent of a credit score involves your history of credit payments. Things like late payment or bankruptcies would negatively affect your credit score.
  2. Your accounts outstanding: The amount that you owe on all your accounts, the available credit that you are currently using and your accounts with balances would comprise about 30 percent of your score.
  3. The span of your credit history: The longer it is the better your chances of scoring high. It makes up about 15 percent of the credit score. However, you may get a reasonably high score even if your credit history is short, provided it reflects good credit management.
  4. Credit that you recently applied for: This would make up about 10 percent of your score. In case of a number of fresh credit applications your score may be affected negatively. So you should be careful and focus the credit rate shopping in a short period of time, say 30 days, to avoid getting lower scores.
  5. Other factors: This would make up the rest of the 10 percent of the score. Having a mix of credit alternatives will help your credit score.