Payment History 35%
Amounts Owed 30%
Length of Credit History 15%
New Credit 10%
Types of Credit Used 10%
How do you increase your fico score?
1. Pay your bills on time.
2. If you have missed payments, get current and stay current.
3. Paying off a collection account will not remove it from your credit report.
4. If you are having trouble making ends meet, contact your creditors or a credit counselor.
5. Keep balances low on credit cards and other revolving credit (use less than 50% of your total limit).
6. Pay off debt rather than moving it around.
7. Don't close un-used credit cards.
8. Don't open new credit cards just to increase your available credit.
9. Do your rate shopping for a given loan within a focused period of time.
FICO scores distinguish between a search for a single loan and a search for many new
credit lines, in part by the length of time over which inquiries occur.
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