Do you pay your bills on time? Have you recently missed a payment? How promptly you pay your bills is a strong indicator of your willingness and ability to repay your debt and has the largest affect on your credit score.
What you Owe
Your debt balance, as well as the ratio of debt to your credit limit, is a factor that heavily influences your score. Making sure you only borrow what you can afford to repay is a good rule to follow when managing your debt.
Types of Credit
Which credit card you use and loans you carry also pay a role in your credit score. Typically, the more types of credit and loans you've had, the better. If you've had a car loan, credit cards, installment loans and a mortgage, this will likely affect your credit score positively. It tells lenders that you have a variety of experience with credit.
Lenders are also watchful of individuals who apply for lots of credit over a short period of time, as it could suggest a financial problem. For this reason, opening many new accounts too frequently can have a negative impact on your credit score.
Length of Credit History
How long you've had credit will factor in to your final score. A longer credit history shows a pattern of borrowing and repaying loans. This make you a better risk in the eyes of lenders, and your score will positively reflect that.
What doesn't affect your score?
Credit scores are based on your financial behavior and history, and do not include factors such as gender, race, religion, national origin, age, education level or marital status.