Improve a Credit Score Rating Credit scores are simply a number placed on a person's credit worthiness. There are several different models or methods of calculations of credit scores that are in use. The most commonly used is the Fair, Isaac and Co. (FICO) scoring model. Each consumer’s credit file is reviewed and given an overall score based on the information that their file contains. These scores are made up of several different factors, and each has a different impact on a consumer's overall credit score. By improving your credit score you will have a better chance at secureing loans and other types of credit.
Five Factors That Determine Credit Scores
Percentage of Your Score		Percentage of Your Score
1. Payment Record 2. Amounts Owed 3. Length of Credit History 4. New Credit 5. Types of Credit in use		35% 30% 15% 10% 10%
Payment Record Payment information on individual types of accounts including; credit cards, retail accounts, installment loans and finance accounts. Any adverse public records such as judgments, lawsuits, liens, levies, garnishments or bankruptcies. Delinquency on accounts including how far past due they may be make it difficult to improve a credit score rating. Amounts owed on collection accounts and the date of last payment. Recentness of any delinquent items. Number of past due items in your file. Number of accounts that have been paid as agreed.