 
What Determines Your Credit Score
What really determines if your credit score is a healthy 750 or a troubled 500? Have you paid your bills on time? Payment history is a significant factor. If your credit report indicates bills paid late, a collection referral, or bankruptcy, it is likely to affect your score negatively. Here are some other factors that affect your score:
- Maxed out? If the amount you owe is close to your credit limit, it’s likely to have a negative effect on your score.
- Insufficient credit history. However, timely payments and low balances can offset that.
- Have you applied for new credit lately? Many scoring systems look at "inquiries" on your credit report. If you have applied for too many accounts recently, it may have a negative impact. Inquiries from creditors who monitor your account to make “prescreened” credit offers are not counted.
- How many & what types of credit accounts do you have? Too many credit card accounts may negatively effect on your score. Also, loans from finance companies may have a negative effect on your credit score.
Since 1993, NIHFCU has been the official credit union of The George Washington University. All GW students, faculty and staff are eligible to join.
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