Issue link: https://nest.uberflip.com/i/1198770
Late payments impact your score depending on how late the payment was, how much you owed, how long ago it happened, and the total number of late payments. Credit utilization (30%): This looks at how much available credit you have compared to the balances you owe. The higher your credit utilization, the lower your score. For example, if you had a credit limit of $5,000 and a balance of $4,000 on a credit card, your utilization rate would be high, at 80%, and that would lower your score. Length of credit history (15%): The age of your oldest account, newest account, and the average age of all of your accounts make up this calculation. To maximize your FICO credit score, don't close old credit card accounts. Credit mix (10%): The types of accounts you're currently using also play a role. The two categories are revolving accounts such as credit cards and installment loans like auto loans. Having a credit history with at least one of each will have a positive impact on your overall credit score. New credit (10%): The number of accounts you've opened recently, as well as your credit inquiries from the past two years, also impact your score. Before venturing off to tour rentals it's important to know where you stand with your credit report. In tight rental markets (such as Seattle) there will be competition and landlords are looking for the top tier of scores.