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Payment History 35%

Credit reporting agencies factor in how new the credit is, the number of payments over 30 days late, collections, judgments, and bankruptcies. A single 30-day late payment can drop your score 15-20 points.

Current Debts 30%

Considers how much you currently owe (in absolute terms and compare that with your credit limits), how many creditors you owe money to, and how much you could owe if you maxed all your available credit.

Age of Accounts 15%

The longer your accounts have been opened the better. You generally need at least three accounts over one year old.

Type of Credit 10%

Bank loans, credit cards, and revolving credit accounts all impact you differently.

Credit Inquiries 10%

Numerous credit applications in a 12 month period will take a chuck out of your credit score. This is a benefit of a Mortgage Broker because my query is viewed differently by Equifax and the overall hit to your credit score can be less. Also, if no one else runs your credit score in between I could check it several times in a 30 day period with no change to your score at all. If you are shopping the banks, each of them will run your credit and each will cause your score damage.

Leave your comments or horror story. Add my website as a link to your website and anytime you have a question about your credit you can ask. It can also be a resource to anyone else visiting your website.