Payment History- This is a very important factor, it takes a look at how you have made your payments over the course of time. Have all your payments been on time over the life of all your open accounts? If so you can expect to get all the points in this part of the scoring formula. Having one payment more than thirty days late will drastically drop your score.assign reason bushel - the factors that compute your fico reason

Knowing these factors are usually enough to tip your score to a higher number. Here are the factors

The importance of the two word phrase “credit score” is undeniable. It is beginning to affect more and more aspects of our daily lives from renting a place to live to how much we pay in car insurance. We cannot avoid the impact this triple digit number has on our lives.

Number of open accounts- The number of accounts you have has a direct impact on your rating. For example if you have 10 credit cards that could be looked at as having too many open accounts which could take a few points from your score. I would advise that you keep the number of accounts you have to a reasonable number.

Dollar amount of credit used compared to amount available- This factor takes into consideration how much credit you are currently using compared to how much is extended to you. For example, you have three credit cards with a limit of $1000 each, and you have used $900 on each card which means that you have an available credit of only $300. This will surely hurt your credit scores because it tells the system that you are nearly maxed out on all the funds that were extended to you.assign reason bushel - the factors that compute your fico reason

The good news is that improving the three digit number is very possible once you understand the factors that influence the calculations that go into creating your credit score. The company responsible for creating your credit scores (Fair Isaac Company) does not expose the exact formula but gives us the factors that are taken into consideration.

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