Which factor can influence your overall credit score?

The overall credit score is significantly influenced by several factors, one of which is late payment history. Payment history is the most crucial component of a credit score, typically accounting for about 35% of the total score. Consistently making payments on time demonstrates reliability and financial responsibility to lenders, which positively impacts creditworthiness. Conversely, a history of late payments indicates higher risk to lenders, which can lead to a decrease in the credit score. This factor thus plays a pivotal role in shaping an individual's overall credit profile.

Other factors mentioned, like the type of credit card used, the number of bank accounts, and the size of a mortgage, do not have as direct or significant an impact on the credit score as late payment history does. For instance, while the type of credit used can contribute to overall credit mix, it doesn't outweigh the importance of timely payments. Similarly, the number of bank accounts or the size of a mortgage might reflect financial health but are not direct determinants of credit score calculation.