35%: Payment history. Recent late payments are scored lower than old late payments. A 30_day late payment made just a month ago will count more than a 90_day late payment from five years ago. Negative public records such as bankruptcy, foreclosures and liens will lower your score considerably.

30%: Amounts owed creditors. Total debt is considered as well as how many accounts with balances. How much of total credit line is charged up? You will receive a lower score if your accounts are charged up to or close to their limits.

15%: Length of time credit has been established. Score considers age of your oldest account as well as average age of all your accounts. Higher scores for longer history.

10%: Inquiries. These show recent application for new credit. How many new accounts were established and attempted. Adding new accounts very recently could lower score.

10%: Mix of credit. Whether retail accounts, installment loans, finance company accounts or mortgage loans.

TIP: Many consumers think it's a great idea to close all their old credit and store cards, thinking this will increase their FICO scores. However, this often has the oppostive effect:  by closing old accounts that were paid on time, you are also erasing your good credit history and may actually lower your score.