Here’s a breakdown of the five elements of the FICO score:

• Payment history. Your payment history comprises 35 percent of the total credit score and the most important factor affecting credit score calculations.
• Credit utilization.
• Length of credit history.
• New credit.
• Credit mix.

  What determines a good credit score?

  Although ranges vary depending on the credit scoring model, generally credit scores from 580 to 669 are considered fair; 670 to 739 are considered good; 740 to 799 are considered very good; and 800 and up are considered excellent.

  What are the most common factors that affect credit scores?

  While each scoring model may be slightly different, these are some of the most common credit score factors: Payment history — The factor that often has greatest impact on many credit scores is payment history.

  How does payment history affect your credit score?

  Portra Images / Getty Images. Payment history determines 35% of your credit score. In fact, how timely you pay your bills affects your credit score more than any other factor.

  How does a credit card balance affect your credit score?

  As a guideline, you should keep your credit card utilization at 30% or less, meaning only charge up to 30% of any card’s available limit. Having high balances or too much debt can heavily affect your credit score. The good news is that your credit score can improve quickly as you pay down your balances. How old is your oldest credit account?

  What makes your credit score better or worse?

  Having both types of accounts on your credit report is better for your credit score because it indicates you have experience managing various types of credit. It’s even better if you have loans for different types of assets, such as a car or a home, in addition to credit cards, and maybe a student or personal loan.