Every lender has different approval standards that may keep you from getting the loan you need. While many consumers think their credit score is the only thing a lender looks at when considering a loan application, the truth is that many factors come into play during the process. To understand this more, let’s break down the factors that make up your credit score. Any of these items could trigger a declined application, even if the other factors pass with flying colors. Payment history determines 35% of your credit score. Even if you have a high income and little debt, you may lose your chance at qualifying for a loan if you have a recently reported late payment. Amounts owed accounts for 30% of your credit score. If you already have a lot of debt — be it through loans or credit cards — a lender may be hesitant to add more debt to your budget. Length of credit history determines 15% of your credit score. If you’re relatively new to credit, a lender may be less willing to approve a large loan in your name until your credit history shows that you can manage debt responsibly. Start with smaller loans to prove you’re able to make regular on-time payments. New credit makes up 10% of your credit score. If you’re applying for lots of credit in a short period, a lender may see you as desperate for money. As a  result, lenders may identify you as being at a higher risk of defaulting on your loan. Space out your applications so you aren’t asking for too much too soon. Credit mix makes up the final 10% of your credit score. Credit mix shows that you have a good mix of credit types (different types of loans and credit cards) and can successfully manage all of them at once. If you’ve never had an auto loan, for example, you may have to show that you’ve managed other loans or credit cards successfully to prove that you can handle a car payment.