What Makes Up Your Credit Score?

by | Apr 5, 2021 | Housing Counseling

Credit and credit scores affect so many aspects of our lives but the details of it aren’t always clear. Habitat HOPE is here to help by answering ‘what makes up your credit score?’ Let’s break it down:

What Makes Up Your Credit Score?

10% New Credit – recently opened credit card accounts and inquires (when an organization runs a report of your credit history)

10% Credit Mix – number of credit cards, retail accounts, installment loans, etc

15% Credit History – time since accounts opened and time since account activity

35% Payment History – delinquencies, public records, payment information for any credit accounts or major loans

30% Debt and Available Credit (Amounts Owed) – amount owing on accounts, number of accounts with balances, your balance vs. available credit

Habitat HOPE will delve into the topic of credit, credit scores, and establishing credit in the April HOPE Huddle on Thursday, March 29. The HOPE Huddle is a monthly virtual workshop hosted by the Habitat HOPE Housing Counseling Program that is completely FREE.

Reginald Gilson, a finance center manager for Fifth Third Bank will be this month’s guest speaker! They will be talking about everything credit – what is it, why is it important, what creditors look for, and most importantly, how to build your credit so you can reach your financial goals.

Contact housing counselor Jeanette McDonald to register for HOPE Huddle – Establishing Credit by emailing jmcdonald@habitatmonroemi.org or calling 734-585-6701.

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