📊 Credit Score Simulator
See how actions affect your credit score
🎯 Credit Factors
📈 Estimated Score
Credit Utilization: +70
Credit Age: +15
Credit Mix: +30
New Credit: -10
Understanding Your Credit Score
Your credit score is a three-digit number (300-850) that lenders use to evaluate your creditworthiness. Understanding what affects your score empowers you to make smarter financial decisions and qualify for better loan rates.
The Five Credit Score Factors
- Payment History (35%): Your track record of on-time payments
- Credit Utilization (30%): How much of your available credit you're using
- Credit History Length (15%): The average age of your accounts
- Credit Mix (10%): Variety of credit types (cards, loans, mortgage)
- New Credit (10%): Recent credit applications and hard inquiries
Quick Score Improvement Tips
The fastest way to improve your score is to lower your credit utilization below 30% (ideally under 10%). Pay down balances before statement closing dates, and always pay at least the minimum on time. Avoid closing old accounts as this shortens your credit history.
Frequently Asked Questions
What affects my credit score the most?
Payment history (35%) and credit utilization (30%) together make up 65% of your FICO score. Keeping utilization under 30% and never missing payments are the most impactful actions you can take.
How fast can I improve my credit score?
You can see improvements within 30 days by lowering credit utilization. Building a strong payment history takes 6-12 months. Most credit repair efforts take 3-6 months of consistent good habits.