What are the factors that are considered when calculating a credit score
                     What are the factors 
that are considered 
when calculating a 
credit score?
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How to check 
your credit 
score online? 
Credit building depends upon various 
financial activities and credit factors. 
When you check your credit report, you 
will find various factors with varying 
degrees of impact on your credit score. 
The most important factors are 
payments, credit accounts, applications, 
credit utilisation ratio, and credit age. 
Let us explore in detail how these factors 
are used for calculating your credit 
score.
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Payments
Payments are very important when it comes to 
your credit score check. Payments constitute 
around 25% of the entire credit profile. Credit card 
or monthly instalment payments are very 
important. Timely payments can improve your 
score and damage your score if not paid on time. 
Henceforth, it is important that individuals 
consider payment an important and vital factor. To 
get a high-value loan, you need a high credit 
score. To start with improvement, you need to 
make timely payments. Choose an ideal loan 
tenure and principal loan amount for ease of 
payment. With a good track record, you get a good 
credit score as well as an impressive credit report. 
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Credit accounts
Credit accounts are very important when it 
comes to building your credit score. It has the 
maximum impact on your credit score. Savings 
or debit cards are not credit accounts. Credit 
cards and various lines of credit, like loans, fall 
under credit accounts. Any activity regarding 
credit accounts has a significant impact on 
your credit score. It is important to keep credit 
accounts open even when you do not use 
them. Credit accounts with a high credit age 
impact positively on credit building. Similarly, 
new credit accounts impact your credit score 
negatively. It is important that you restrict the 
number of new accounts in your credit profile. 
For Business Loan visit : 
business loan apply online.
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Credit Utilization Ratio
A credit utilisation ratio is a ratio between 
an individual's total credit limit available 
and total credit utilized. It is not 
recommended to utilise 100% of the credit 
available to an individual by their bank or 
non-banking company. If the credit 
utilisation is more than the credit limit 
available, you damage your credit score. 
The impact of the credit utilisation ratio on 
credit building is very high. It acquires 
almost 20% of the entire credit score 
profile. Therefore, even if you exhaust the 
entire limit, you need to make maximum 
payments to get the credit back. When the 
credit utilisation ratio is high, it does not 
speak about creditworthiness.
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