Your payment history makes up 35% of your credit score. Also, late payments, defaults, and other credit problems can continue to affect your score for seven years. Chapter 7 bankruptcies stay on your record and continue to affect your score for 10 years.

Fair Issac Corporation

What Makes Up Your Credit Score

In general, the factors that determine your credit score fall into five general categories. The influence that each category has breaks down like this:¹

Notice that factors over which you may have little control, such as how much money you make, do not affect your credit score. That means you don’t have to be rich or make a lot of money to have a good credit score. However, in addition to your score, lenders may also consider your income, age, employment, and other factors when deciding whether to extend a loan to you. Your score is a measure of how long you’ve been handling your finances responsibly. Ultimately, they also want to see that you have the means to pay back the loan.

1. Fair Isaac Corporation

What Makes Up Your Credit Score

In general, the factors that determine your credit score fall into five general categories. The influence that each category has breaks down like this:1

In general, the factors that determine your credit score fall into five general categories. The influence that each category has breaks down like this:¹