If you want to understand what makes up your FICO score, then you will want to read this article.  Specifically, we will be discussing the five major factors that influence your score. After reading this article, you should understand what goes into your credit score and be able to formulate a game plan for credit report repair.

The first factor that impacts your credit score is your previous credit history. This includes any type of late payment and the time since your last delinquency. Also included is judgments, bankruptcies and liens that appear in your credit file.

The second area that impacts your credit score is your credit utilization. This means the proportion of balances that you owe versus your credit limits.  The total amount that you owe is also factored in.  Revolving balances are weighted more heavily than installment balances in this calculation.  Ideally, you want to keep your revolving balances at 25% or less of your available credit.

The age of your credit is a third area that impacts your credit history. This includes the time since he last opened an account in a total depth of your credit file.  Generally speaking, the longer your credit history and the more time that has passed since you have opened an account the better.

The type of credit that you use also impacts your credit score. This includes the number of revolving accounts it you have and the number of finance company accounts that you have. Ideally, you want to have between two and four credit card accounts and avoid using finance companies.  The use of finance company accounts is considered to be a sign of financial stress.

The last factor that influences your credit score is inquires and new credit.  While shopping around can be smart, you want to avoid excess inquiries as these will lower your credit score. Also, opening a lot of accounts in a short period of time can have a negative impact on your score.

Hopefully, you now understand the elements of your FICO score.  Now it is time to repair your credit report!