Repair Credit Score

Question: How is your Credit Score factored?

I know the generalities of what raises or lowers your Credit Score. Does anyone know precisely how it is factored? It's a point systems so there has to be some standard way it is calculated.

Answer: 35% of your score is based on your payment history. Lender wants to see how you pay your bills.

30% of the score is based on outstanding debt. How many credit cards do you have that are at their credit limits? The general rule is to keep your card balances at 25% or less of their limits.

15% is based on the length of time you've had credit. The longer you've had established credit, the better it is for Credit Score. Because more information about your past payment history gives a more accurate prediction of your future actions.

10% of the score is based on the types of credit you currently have: loans, credit cards... There is no magic amount of accounts that you shouldn't have. It is much more depends on regularity of your payment.

10% of the score is based on the number of inquiries on your report. If you've applied for a lot of credit cards or loans, you will have a lot of inquiries on your Credit Report. FICO scores only count inquiries from the past year.

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