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5 factors that determine your credit score

1- Your payment history.  Whether you paid credit card obligations on time.

2- How much you owe.  Owing a great deal of money on numerous accounts can indicate that you are overextended.

3- The length of your credit history.  In general, the longer the better.

4- How much new credit you have.  New credit, either installment payments or new credit cards, are considered more risky, even if you pay promptly.

5- The types of credit you use.  Generally, it’s desirable to have more than one type of credit-installment loans, credit cards, and a mortgage, for example.

For more on evaluating and understanding your credit score, go to http://www.myfico.com.

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