I saw a chart that shows that 35% of your score is determined by payment history, second to this with 30% is amounts owed. I always thought that amount owed was the most important factor in keeping credit scores good?
Yes, in most cases this is accurate. This is why it is important to not only pay debts each month on time but pay above the minimum required. So if your minimum is say, $27 a month, it is best to pay close to double that rounding down so $50 a month.
I thought the minimum was just that and it had no effect on your scores. So since I was making the minimum all these years, my score likely dropped from that?
I know I did miss some payments so my score also dropped from that but still.
Payment history deals directly with missed payments or late payments. Both of these drop scores the fastest. One missed payment can result in a sizable drop in your score.