What factors affect my credit scores the most?
If you go MyFICO.com, the website for Fair Isaac Corp, the developer of the FICO score you will find lots of great info about the factors that influence your score. In brief, Fair Isaac will tell you that your payment history, amounts owed, length of credit history, new credit, and types of credit used will all affect your score. Your payment history and the amounts you owe dominate the list, together carrying 65% of the influence.
Anything is Surmountable
But if you are in a credit repair program there are many subtle factors that you must consider. Don’t be discouraged if you have late payments as their influence will fade each month that they slip into the past. And as important as your account balances are, especially your revolving balance, as soon as you reduce them your score will pop right up. And also worth mentioning, the presence of ongoing positive credit will quickly counter balance the old derogatory information.
Keep the Faith!
Credit repair is about hope. And credit repair is about implementing an intelligent, thoughtful strategy of reshaping your credit profile. Cleaning up old errors is an important part of the formula, and when combined with a smart plan of action credit repair will get you back on your feet and make your credit report shine.