Payment History - 45%
The most important component of your credit score looks at whether you can be trusted to repay money that is lent to you.
Amounts Owed – 20%
The second-most important component of your credit score is how much you owe.
Length of Credit History – 7%
Your credit score also takes into account how long you have been using credit. For how many years have you been using credit? How old is your oldest account, and what is the average age of all your accounts?
Credit Mix – 14%
Your CTOS Score considers whether you have a mix of different types of credit, such as credit cards, instalment loans and mortgages. It also looks at how many accounts you have in total. Since this is a small component of your score, don’t worry if you don’t have accounts in each of these categories, and don’t open new accounts just to increase your mix of credit types.
New Credit – 14%
The final component in determining your credit score is how many new accounts you have. It looks at how many new accounts you have applied for recently and when (the date) you last opened a new account. If you’ve opened several new accounts recently, the assumption is that you could be a greater credit risk; people tend to open new accounts when they are experiencing cash flow problems or planning to take on lots of new debt.
