The Five Factors That Affect Your Credit Score

Did you know that there are five factors that affect your credit score?  When I was first starting out on my personal finance journey, my credit score felt like a mystical number that appeared out of thin air.  I didn’t understand how it was calculated and I wasn’t really clear on how to change or improve it.  So, I did what I always do, I started researching.  I quickly learned about the five factors that comprise a credit score.

But still, even after researching them and understanding the different components, I could not remember the five factors off the top of my head.  When I started studying for the Accredited Financial Counselor® Exam, I finally found a way to make it stick.  And I am hoping that this method works for you too!

So, to remember the five factors that affect your FICO credit score, you want to P.L.A.N.T good seeds to grow good credit.  This is my acronym for remembering the five factors of credit scoring.  It stands for: