What percentage of the FICO score is determined by payment history?

Payment history is a critical component of the FICO credit scoring model, accounting for 35% of an individual's overall credit score. This factor reflects your track record of paying your bills on time, including credit cards, mortgages, and other loans. A strong payment history demonstrates reliability to lenders, suggesting that you are likely to repay future debts responsibly. Lenders heavily weigh this aspect because it is considered one of the best indicators of future credit risk. Consequently, maintaining a good payment history can significantly enhance an individual's creditworthiness and overall financial profile. Understanding the specifics of how various factors contribute to the FICO score is essential for managing one's credit health effectively.