What Affects Your Credit Score 


Considering your credit score effectively determines your financial future, it's important to know what goes into it. While you may have a general idea, knowing the specifics can help you increase your credit score altogether. Ranging from 350 to 800, a credit score helps lenders determine whether you're a reliable borrower. Here's what goes into your credit score.

  • Payment History (35%) - The largest portion of your credit score is drawn from your payment history alone. Paying your bills on time, late payments and accounts that went to collections all factor in.
  • Amounts Owed (30%) - The second-largest factor is how much you owe. Factors include how much of your total available credit you've used, how much you owe on specific accounts, like mortgages, and how much you owe in total.
  • Length of Credit History (15%) - The simplest factor of them all, length of credit history is simply how long you've been using credit. A long history is helpful so long as you've made your payments on time. Consistent late payments are a turn-off to lenders.
  • New Credit (10%) - Tied for last place is new credit. This factor takes how many accounts you've recently opened or applied for. Opening many accounts at once indicates you could be more of a credit risk.
  • Types of Credit (10%) - Don't forego opening new credit just yet. Having a mix of different types of credit could help your credit score. Credit cards, store accounts, and installment loans are a good mix but don't open new accounts just to expand your types of credit. That could negatively impact your new credit.

Corwin Dodge Ram is happy to help with all of your financing needs.  Visit our friendly finance department or apply online for pre-approval. 


Corwin Chrysler Dodge Jeep Ram of Springfield

1025 W Sunshine St
Directions Springfield, MO 65807-2445

  • Sales: 4178126737

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