A big ding to your credit score itself is actually a low amount of lines of credit, I think 10+ is considered "good" which is ridiculous
Apparently I was wrong, and learned something new today. Your score comes from:
35% - payment history (everything paid on time, etc)
30% - amount owed
15% - age of credit history
10% - how many new lines of credit
10% - credit mix (just credit cards vs credit cards, auto loans, etc)
A big ding to your credit score itself is actually a low amount of lines of credit, I think 10+ is considered "good" which is ridiculousApparently I was wrong, and learned something new today. Your score comes from:
35% - payment history (everything paid on time, etc)
30% - amount owed
15% - age of credit history
10% - how many new lines of credit
10% - credit mix (just credit cards vs credit cards, auto loans, etc)
https://www.experian.com/blogs/ask-experian/credit-education/score-basics/what-affects-your-credit-scores/
Credit scores don't measure how responsible with your money you are. They measure how much you're willing to pay lenders.
In the US at least, this is false.