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Your Cred-O-Meter:
Building Credit Cred: Establish Creditworthiness

The first two factors discussed—payment history and amounts owed—are very important and together make up about 65% of the average credit score. The remaining 35% is made up of three smaller factors: length of credit history, new credit, and types of credit used.

For the typical credit score, about 15% comes from the length of the credit history, 10%  from the amount of new credit, and the remaining 10% from the type of credit used. Let’s look at each of these factors to understand them a little better.