Credit scores range anywhere from 350-850. The higher the better. Your number is determined by five factors combined to calculate your personal score. Even if your score is lower than desired, don’t give up. With a little clarity and focus, a lot can be done to make things better.
Types of Credit - 10%:
This looks at what types of credit you have.
New Credit - 10%:
New applications for credit might cause you to be risky and lower your score.
Length of History - 15%:
How long your accounts have been open. If you are going to close an account, DO NOT close the oldest.
Payment History - 35%:
Making sure that you have your payments in full and on time.
Debt Utilization - 30%:
How active EACH of your accounts are will affect this portion of your score.