Typically, your credit score is determined by five factors:
- Your Payment History (35%) – Have you paid your credit accounts on time?
- How Much You Owe (30%) – This is made up of how much you owe and how much of your available credit you are using.
- Length of Credit History (15%) – Longer credit history will increase your score.
- New Credit (10%) – If you recently applied for or opened new credit accounts, your credit score will weigh this fact against the rest of your credit history.
- Other Factors (10%) – Minor factors such as having multiple credit types.
In addition, PFFCU wants to be sure that your monthly debt payments are manageable relative to your income. To the extent that your monthly debt exceeds 40% of your monthly income, PFFCU becomes concerned about your ability to repay.
More details on your credit score and how it is calculated can be found here.
The information contained herein is for informational purposes, only.