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A credit score is calculated using the information in your credit report, so a credit score can change as often as the information in your report changes. There are many different types of credit scores, and it’s normal to have more than one. Scores can vary depending on what type of credit you’re applying for or on what day the score is calculated. TransUnion uses the VantageScore® 3.0 credit score. Get more information about VantageScore.

Generally, scoring models use credit report information that falls under six main categories to calculate a credit score:

  • Payment history. This shows your level of responsibility as a borrower–have you been making payments on time?
  • Amount of credit owed. Add up all your credit balances and you get this number, which gives an indication of how much you’re borrowing.
  • Credit utilization. How much of your available credit are you using? Are you close to maxing it out?
  • Length of time you’ve been using credit. How established is your credit? Do you have a lot of experience using credit?
  • New credit. It factors in new accounts and credit inquiries (authorized requests for your report from lenders).
  • Credit mix. Do you have experience managing different types of credit?