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Your credit score is a prediction: how likely you are to repay borrowed money on time. Lenders, landlords and even some insurers use it. Understanding the inputs makes it far less mysterious.
The five factors
- Payment history — the largest factor.
- Credit utilization — how much of your available credit you use.
- Length of credit history.
- Credit mix.
- New credit inquiries.
What moves it fastest
Lowering utilization — for example paying balances down before the statement date — can improve a score within a billing cycle. Late payments, by contrast, can linger for years.
Written by
Maya Okafor
Senior Money Editor
Maya writes about the everyday systems that make money feel lighter — budgeting, saving and spending with intention.
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