When we talk about credit scores, there are typically two significant players, FICO and VantageScore. Each uses similar factors to determine your credit score within their system.
Many factors can impact your credit score. Some more than others, but each aspect is just a piece of the puzzle when lenders look at the risk level associated with lending you their money.
Your Debt – The amount of debt you are carrying will also affect your score. There is more to it than the amount of debt, but the easiest way to think about it is the less debt you have, the better.
Credit and Loan Applications – Applying for credit cards or loans will result in a credit check run on your information. A hard credit check will lower your score.