Your credit score affects many things, from whether you get a good interest rate on a loan to deposits required for rent and utilities. It can even determine whether you're hired for a job.
But what plays into that number? When it comes to what influences your credit score, experts say there's some confusion.
Payment history is a main component -- do you make payments on time or are you late?
Unpaid parking or traffic tickets do not affect your credit score. Those come from municipal records and aren’t collected by any of the credit reporting agencies.
Experts say opening a bunch of credit cards at the same time, however, will impact your score.
“Opening up a lot of credit cards in a short period of time can have a negative impact because it suggests you might be in credit trouble," said Tobie Stanger, an editor with Consumer Reports.
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