What Makes Up Your Credit Scores?

35% is based on payment history (i.e. on-time payments or delinquencies)
30% is based on capacity of available credit.
15% is based on length of credit
10% is based on the accumulation of debt in the last 12-18 months including the number of inquiries and opening dates of credit lines.
10% percent is based on the mix of credit (installment debt raises the score and revolving credit lowers the score-the number of finance company loans will lower your score)

What Actions Will Hurt The Score?

Missing payments (regardless of the dollar amount, it will take 24 months to restore credit with just ONE late payment)
Carrying your credit cards at capacity
Closing all credit card accounts (keep your credit cards-just don’t carry balances)
Shopping for credit excessively
Opening numerous trades in a short time period
Having more revolving loans in relation to installment loans
Borrowing from finance companies

What Doesn’t Affect The Score?

Approximate Credit Weight For Each Year?

How To Improve The Score?

Pay down on credit cards
Do not call close credit cards because capacity will decrease
Continue to make payments on time (older late pays will become less significant will time)
Slow down on opening new accounts
Acquire a solid credit history with years of experience
Moving revolving debt to installment debt.