There are several key factors when your credit score is compiled by the 3 credit bureau agencies. This list will give you an idea how the consumer credit reporting companies base your credit score. Some important factors which your credit report score si determined by.
(1) Your payment history
Do you pay your bills on time each month? and if no how often were you late and how late were you in paying. This is the number one ranking reason for your credit score.
(2) How Much You Owe
It is very important to keep balances down and available credit up. Try to keep your balances at no more then 30% to 40% if possible.
(3) Time With Credit (Credit History)
How long have you had credit. How many open accounts do you have in good standing that are seasoned or been open for a long period of time.
(4) Newly Opened Accounts
If you have applied for alot of credit recently and been approved then you might be a risk if you have over-extended yourself. Also too many new applications can be rough on your credit score.
(5) What Type Of Credit You Have
A nice mix of mortgages and credit cards usually leads to a slightly higher score. Although this is not the most important part of your credit report score, keep in mind a blend of different types of accounts may help.
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