How much percentage of your credit score is determined by payment history?

Payment history is the most significant factor in determining a credit score, accounting for approximately 35% of the total score. This component reflects your record of making payments on time, including credit cards, loans, and other financial obligations. A strong payment history demonstrates reliability to lenders, indicating that you are likely to repay borrowed money. Late payments, defaults, and bankruptcies negatively impact this aspect, which can significantly lower your credit score. Maintaining a good payment history is crucial for a healthy credit profile, influencing lending decisions and interest rates offered to you in the future.