Your credit score is calculated by taking your credit report and running certain data points on that report through an analysis model. Your Truebill credit score is calculated using your Experian credit report and the Vantage 3.0 scoring model.
There are a number of factors that directly affect your credit score:
Payment History - This regards how consistently you make payments. This factor has the highest impact on your credit score as the score is primarily used to determine how likely you are to pay back debt.
Card Usage - Credit utilization relates to the percentage of available credit that you actually use. For example, if you add the limits of all your credit cards and have a $5,000 total limit and you have a current total balance of $600 your 'usage' is 12%. As a general rule it is good to keep this figure below 30%.
Account Age - A higher average account age positively impacts your credit score. The average is done over the past 10 years and provides an indication of your experience with credit. Keeping your older accounts open and in good standing improves your credit age over time.
Account Mix - This refers to the variety of accounts you have open i.e. loans, credit cards, car loans etc. Having a variety of account types can positivity impact your score by illustrating to lenders that you are a responsible borrower.
Hard Inquiries - A hard inquiry occurs when a lender checks your credit to determine whether or not to proceed with your application. Too many hard inquires can negatively impact your credit score but their effects tend to fade over a two year period.