What will affect my credit score more?

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    Stilt Team (Edited )

    There are 5 components of a credit score:

    1. Payment History - Based on a borrower’s payment history. This is the most important factor. Making regular payments on previous credit is very important. Try not to be late on your credit card and other credit payments.
    2. Credit Utilization - Make sure you don’t max out credit cards. It is important to maintain a good utilization rate (< 30% of your credit limits).
    3. Length of Credit History - It is important to show that you can consistently use credit responsibly that’s why you length of your oldest credit account is also matters.
    4. Credit Mix - Having different accounts and types credit accounts can show that you can manage different types of debts.
    5. New Credit - Low number of recent credit inquiries are important to show that you are not looking for credit all the time.

    The thing affecting your credit score is “credit utilization”. If you can get that down somehow, you’ll be able to increase your score significantly. It is good that your wife makes monthly minimum payments but that doesn’t significantly changes your credit utilization.

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