Your Credit score is dependent on the next factors: payment and Credit Rating history, type of Credit Rating, outstanding Credit Rating balance, and inquiries. Credit Rating bureaus and financial institutions consider payment history as the most crucial factor. For them, what matters most is your ability to pay fully and on time. It is more crucial than how much you owe to other Creditors and what you use the cash for.
Of course, the exact amount of your credit is not something they’ll easily dismiss either. It’s about as important as your payment history in fact. Credit Rating bureaus tend to give you more brownie points if your outstanding residual hasn’t completely eaten up your available Credit.
As for Credit Rating history, Credit bureaus choose consumers with long-standing and established reputations. A longer Credit Rating history serves a creditor determine more easily if the applicant is a good risk or not.