Why do I have low credit score?

A good payment history is only one of the five factors that make up your credit score. 

Each of the credit score factors are weighed differently, but what affects your credit score the most is collectively doing well in every category, not just focusing on a single characteristic of your credit score. 

Factors considered: 

1. Payment history: 40 percent of the total credit score is based on a borrower's payment history, making the repayment of past debt the most important factor in calculating credit scores. 
2. Credit utilization: 30 percent of the total credit score is based on a borrower's credit utilization -- that is, the percentage of available credit that has been borrowed. 
3. Length of credit history: 20 percent of the total credit score is based on the length of time each account has been open and the length of time since the account's most recent action. 
4. New credit & inquiries: 10  percent  of the total credit score.

To get a good score you mostly need a credit history with no reported late payments, as well as low reported balances currently on any credit cards.

Please note that MyCreditStatus doesn't calculate your credit score as we are not a credit bureau. We can only point out some of the factors that can affect your score, and you may be able to trace a drop in your score to one of these factors.