5 Factors That Impact Your Credit Score

Your CTOS score reflects your creditworthiness, based on various factors including payment history, amounts owed, credit history length, credit mix, and new credit. Each factor has a different weight on your score:

Payment History (45%): This is the core of your score, indicating your reliability in repaying debts.

Amounts Owed (20%): This represents your credit utilization. High balances relative to your credit limits can lower your score.

Length of Credit History (7%): A longer history provides more data for lenders, typically benefiting your score.

Credit Mix (14%): A variety of credit types shows you can manage multiple forms of debt.

New Credit (14%): Opening several new accounts in a short period may signal financial strain, affecting your score negatively. 

Credit to: CTOS

How quickly your CTOS score will change?

 

Your credit score will drop immediately when you miss a payment. To bring the score back up, it will take a minimum of 3 months of consistent payment behavior to see some improvement. Payment history is the most important factor in credit scoring, which accounts for 45% of your score. Therefore, late payments will have a big impact on the damage to your score.

Check your latest MyCTOS score report to know if you have any missed payments and how your credit health is doing, so you can take early steps to fix any issues.

Credit to: CTOS