What Affects Your Credit Score?

The amount of time it takes to make a credit score is another way in which FICO and VantageScore are different.

VantageScore is good for people who just started using credit because you can get a score after at least a month. With FICO, you don't get a credit score until you've paid your bills on time for about six months and told the credit bureaus about it.

Next, let's talk about the things that affect your credit score.

Both FICO and VantageScore are based on the information in your credit report, but the main difference between the two is how different consumer behaviors are weighted.

Here are the things that affect your FICO score and how much they matter:

Payment history: 35%. Amount owed: 30%. Length of credit history: 15%. Credit mix: 10%. New credit: 10%.

VantageScore looks at a variety of factors and weighs them based on how influential they are to your score. Here are the key areas that impact your VantageScore:

Payment history: Extremely influential.

Age and type of credit: Highly influential.

Percent of credit limit used: Highly influential.

Total balances and debt: Moderately influential.

Recent credit behavior: Less influential. Available credit: Less influential.
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