Your Credit Score Should Be Higher — 5 Factors That Could Be Holding It Back

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The averagecredit scorein 2024 was 715, according toExperian.

That score is considered good, according to the FICO model.

Having a higher credit score comes with advantages, such as better financing rates and higher credit card limits.

Heres a breakdown of the factors thatcould be holding back your credit score.

For example, under the FICO scoring model, payment history counts for 35% of your score.

Paying that down efficiently can help you build healthy credit and could save you money on interest charges.

Length of credit history is another factor that can impact a credit score.

If you got your first credit approval last year, no one is vouching for you.

The amount of new credit one has could also impact a credit score.

New credit represents 10% of the score, Sullivan explained.

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Credit accounts should be added gradually so that the impact of new credit is slowly absorbed.

Lastly, credit mix is another factor.

Credit mix represents 10% of your score, Sullivan said.

This also takes some time to develop.