As you might have noticed, it’s tough to find specific details about how many points your score can gain or lose with certain credit actions. That’s because, according to athe credit scoring company steers clear of providing this sort of specific guidance for individuals, since scores are based on a plethora of factors that are rarely the same across a broad swath of consumers.
But again, the better your credit, the worse the consequences. In this case, someone with good credit score of 793 could easily drop into the “fair” category by being this late on a bill.Opening a new credit account affects several areas of your score: length of credit history , new credit and credit mix . Whether the impact is positive or negative, and by how much, depends on factors like the borrower’s existing credit history and debt.
For someone with a lower score and thinner credit profile, the impact could go either way. Again, a hard inquiry and the addition of outstanding debt could cause a small drop, but a new loan could also help diversify their credit mix and give it a boost.After payment history, amounts owed is the second most heavily weighted credit score factor, at 30%. Revolving credit are also weighted more heavily than installment loans.
Source: Loan Digest (loandigest.net)
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