According to FICO, over half of your credit score comes from your payment history and amounts owed. The length of your credit history comes in at fifteen percent of your score while your new credit and types of credit used are at an even ten percent each. While it may seem to have no rational explanation, your credit score is based on an undisclosed formula that we would all like to get our hands on.
The best advice I can give you about your credit score, is to check it often. At AnnualCreditReport.com, you can receive for free a copy every 12 months of your credit report from each of the three credit reporting agencies: Equifax, TransUnion and Experian. You can order a report from one of the reporting agencies every four months to ensure that your report is correct.
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