What factors actually determine your credit score.

In my searches on the MyFICO.com website, I also came across this wonderful piece of information. This specifically outlines what factors determine what percentage of a consumers credit score. As you can see, 35% of a score is determined merely by the payment history to a consumers existing debts. Further more, 30% of a consumers score is determined by how much a person owes on their credit lines. Balances that are greater than 50% of the available credit line, will typically cause a consumers score to be less than if that balance was below 50% of the line. Length of credit history, new credit lines and types of credit in use all round out the remaining 35% in the scoring model.

A good rule of thumb is if you have established credit in place, not to take on additional credit as this may lower a consumers score. Also, watch your line usage. If you are creeping above that 50% or your available line, you may want to put the brakes on as you may have a score that is in jeopardy of dropping as well.

For more information, please visit www.MyFICO.com.