Credit Trap: No Credit History and Short Credit History
Are you ready to make some real money moves?
Your credit history makes up 15% of your credit score. This means that a longer credit history actually helps your score. If you are just starting out, don't worry. Focus on building a strong credit history with on-time payments and keep your balances low.
If you have a long credit history, be careful of closing your oldest accounts. Your score will most likely drop.