1. Your payment history

Approximately 35% of your score

Have you paid your credit accounts on time? Late payments, bankruptcies and other negative items can hurt your credit score. But a solid record of on-time payments helps your score.

2. How much you owe

Approximately 30% of your score

FICO scores look at the amount you owe on all your accounts, the number of accounts with balances, and how much of your available credit you are using. The more you owe compared to your credit limit, the lower your score will be.

3. Length of credit history

Approximately 15% of your score

A longer credit history will increase your score. However, you can get a high score with a short credit history if the rest of your credit report shows responsible credit management.

4. New credit

Approximately 10% of your score

If you have recently applied for or opened new credit accounts, your credit score will weight this fact against the rest of your credit history. When you apply for credit and a lender checks your credit history, your score may drop a little, usually by less than five points. FICO scores do distinguish between your search for many new credit lines and rate shopping for just one mortgage, student or auto loan. If you need a loan do your rate shopping within a focused period of time, such as 30 days, to avoid lowering your score.

5. Other factors

Approximately 10% of your score

Several minor factors also can influence your score. For example, having a mix of credit types on your credit report – credit cards, installment loans such as mortgage or auto loan and personal lines of credit – is normal for people with longer credit histories and can add slightly to their scores.