Main Credit Categories

1.    Approximately 35% of your score is based on your payment history.

The first thing any lender will want to know is whether you have paid past credit accounts on time.
- Bankruptcies
- Judgements
- Suits
- Liens
- Wage attachments
- Collection iteams
These are considered quite serious and you will need to apply with a co-signer to qualify.
If you have late payments, public record or collection items, certain factors will be examined when determining how much these will affect your credit score. These factors include:
- How late was each payment
- How much was owed
- How recently each late payment occurred and
- How many late payments are there

2.    About 30% of your score is based on the amount you owe.
3.    About 15% of your score is based on your duration of your credit history.
4.    About 10% of your score is based on the pattern of your credit use.

5.    About 10% of your score is based on the type of credit you use.
Credit account types include:
- Credit cards
- Retail accounts
- Installment loans
- Finance company accounts
- Mortgage loans
If you already know you have a low credit score (under 600) find out how you can restore your credit score

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