Your credit score is a key part of your financial journey, reflecting how reliably you manage your financial obligations. Many important institutions—including lenders, landlords, and, in certain cases, employers—review parts of your credit history as part of their decision-making process. Understanding what affects your credit score can help you build and maintain strong financial health.
Credit scores aren’t random. They’re built from specific behaviors. Here’s what goes into the mix, according to Vantage 4.0:
1. Payment History (41%)
This is the biggest piece of the puzzle. Lenders want to know: Do you pay your bills on time? Even one late payment can drag your score down.
2. Credit Utilization (20%)
This measures how much of your available credit you're using. Keeping your balances below 30% of your credit limit shows you’re in control.
3. Length of Credit History and Mix of Credit (20%)
The longer you’ve been using credit responsibly, the better. That’s why it’s smart to start building early, even with a low-limit card or a secured card.
A variety of account types—like a credit card and an auto loan—shows lenders you can juggle different responsibilities simultaneously.
4. New Credit (11%)
Applying for too many new accounts at once can make you look risky. That’s why cards like the Hustle Card, which don’t require a hard credit check, are so valuable.
5. Balance 6%
This refers to the total amount of recently reported balances (current and delinquent).
6. Available Credit 2%
This refers to the amount of credit available.
You can read more about these percentages from Vantage 4.0 here.
Build Your Credit with Hustle Card
Hustle Card by Solo is a credit builder card designed to help you establish or strengthen your credit profile.
By focusing on thoughtful usage and consistent on-time payments, you can take important steps toward a more established credit future.
Remember: building good credit takes time, but with steady habits and smart financial practices, your Hustle Card by Solo can be a powerful tool on your journey!
Ready to take control of your credit future? To begin your journey toward stronger credit and greater financial freedom, simply apply today to get started.
Have questions? Our support team is here to help.
On-time payment history may have a positive impact on your credit score. Late payment may negatively impact your credit score. We report payment history to Experian, Equifax and TransUnion. Credit impact may vary based on a number of factors including your activity with other financial services organizations.
The Hustle Card and related banking services are provided by Cross River Bank Member FDIC. Upward Financial Inc. is a technology services provider and the administrator of the Hustle Card program. Deposits FDIC-insured up to $250,000 through Cross River Bank. Line of credit is not a deposit product. Cards may be used everywhere Mastercard is accepted.