Length of Credit History – 15%
The older your credit history is, the higher your credit gets propelled by this factor. You can expect someone with a 20-year-old credit profile to have a relatively higher Fico Score than someone with a credit profile for ten years, considering all other factors are similar.
Types of Credit – 10%
This factor pertains to the assortment of the credit accounts found on your credit profile. In order to satisfy this category, one is expected to have open and active at least one of each of the different credit accounts: a) Mortgage Account b) Installment Account c) Revolving/credit card account.
Of the three different types of accounts above, not having an open credit card account will affect your credit the most. So for those who do not have an open credit card, simply acquiring one will result in a Fico Score boost of up to 30 points.