The following are the factors and the corresponding weight that influence your credit score as shared by the Credit Bureaus:

Missed payments (35%): Making on-time payments is super important for your credit score. If you’ve paid late, the later you are, the worse it is for your score.

💡 Secured Credit Bulding and Credit Building have an auto-pay feature designed to be a fallback while you build your repayment habits.

Credit utilization (30%): Credit utilization is the percentage of available credit you are using. This is the second most important factor that determines your credit score.

💡 We recommend you keep your utilization under 10% in each of your credit accounts.

Credit age (15%): Credit age refers to the length of time you’ve had credit accounts open for.

💡 The longer your credit history is, the better. So instead of closing your older accounts, keep them active by charging small recurring purchases - like your Netflix bill!

Hard Inquiries (10%): A credit inquiry is when a lender or company makes a request to review your credit reports. Inquiries are common whenever you apply for new lines of credit. They can stay on your report for 3 years.

💡 Secured Credit Building and Credit Building both have 0 credit checks, which means signing up won’t affect your credit score.

Credit Mix (10%): This refers to the total number of open accounts you have and how much variety there is. Lenders like to see that you’ve used a mix of different credit accounts responsibly.

💡 Sign up for Secured Credit Building and Credit Building to diversify your portfolio or credit accounts.