Did you know that there are five key factors that influence a person’s credit score? Buyers actually have control to improve their financial profile. Here’s a high-level overview:

1. Payment History (35%)
This is the biggest piece of the score. Even one missed payment can have a noticeable impact, especially if it’s recent. Setting up auto-payments is an easy win.

2. Credit Utilization (30%)
Keeping balances low—ideally well below the limit—helps a lot. In some cases, asking your bank for a credit limit increase without increasing spending can instantly improve utilization and boost the score.

3. Length of Credit History (15%)
Consider keeping older accounts open, even if they’re rarely used. Age of credit plays a bigger role than most people think.

4. Mix of Credit Types (10%)
A healthy blend of credit cards, loans, and lines of credit shows lenders that you can handle different forms of credit responsibly.

5. Credit Inquiries (5%)
Too many new credit applications can temporarily lower scores. The good news: multiple mortgage-related credit checks within a 45-day window usually count as one.

If you feel intimidated by how this works, consider talking to a mortgage broker for a bit of guidance and a few strategic habits to get back on track.