Not many people can tell what specifically influences your credit score. According to a recent survey reported on Cardweb, up to 45% of consumers think there is a connection between income and credit score.
The official FICO score, which ranges between 300 and 850, is actually decided by five and only factors.
- Timely Payments (35%)
- Debt Level (30%)
- Credit History Length (15%)
- Recent Credit Application (10%)
- Credit Types (10%)
Last time I check, my credit score is at 714. While it is not bad, it is only marginally higher than the national average. Apparently, I'm affected by my relatively short credit history, and a-bit-too-high credit application frequency (to exploit some hot deals). My credit score is gaining 5-10 points every month these days, and even at the current level, it is good enough to land me most of the best deals.
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