Here's a breakdown of how the info from your credit report will go into your FICO credit score:
• Payment history counts for the biggest chunk of your score at 35%. Pay your credit card bills and loans on time, every time, and you'll be well on your way to solid credit scores.
• Credit utilization, or how much of your available credit you use, counts for 30%. Ideally, you'll want to keep your credit utilization as low as possible.
• Length of credit history, or how long you've had accounts open, counts for another 15% of your score. The longer you have accounts open, the better for your scores, so it can be a good idea to start building credit sooner rather than later.
• Credit mix, or how many different types of credit you have, makes up another 10% of your score. It's not a huge part of your score, so don't feel pressured to take on loans or credit just to improve this factor.
• Finally, new credit makes up the last 10%. This factor looks at how often you've recently applied for new loans or credit. One application every six months is usually OK, but more than that can make you appear risky to lenders and hurt your score.