Credit Score Pointers

Your credit score is crucial to buying a home or getting a loan for anything you want. It determines how much of a loan you can recieve and how high your payments will be. A lower interest rate means a lower payment or more home. There are ways to repair your credit, but the most important thing is to know what raises your credit score and what lowers it. Below are some pointers on how the rate your credit.
Payment History: 35%
The single most important thing you can do is the simplest: Pay your bills ontime. This is critical. The credit score is to determine the likelihood that a 30-day late will happen over the next 24 hour period. That is why so much of your credit score is weighted against your history.
How much you owe: 30%
The next biggest chunk of the score is based on how much you owe. The simple solution: Pay down your credit cards and other installement loans (Below 50% is the key). 3 trade lines open is ideal. More will not hurt if the balances are below 50% of the limit in each.
Length of credit history: 15%
This one you cannot really speed up. Lenders want to see your track record of timely payments. Even if you have had credit for a long time, a lot of newer account opened will hurt your score.
New Credit: 10%
Opening up alot of accounts at one time can also hurt your score. You may also hurt your score if you're constantly changing cards and chasing a lower rate. But this only accounts for 10% of your score.
Types of Credit: 10%
Lenders like to see how you handle all types of credit-credit cards, mortgages, car loan, student loan, etc. Finance Companies(i.e. RC Willeys, Home Depot etc.) are not recommended, due to the high finance charges, and the likelihood you will be maxed out on those accounts. Close those type of accounts