35% of your credit score is determined using this factor. Any late payments, 30 days or later, can have a significant negative effect on your score.

The next 30% is how much debt you have in total.

A small 15% of your score is determined by how long you have had credit, including the age of your oldest account and the age of your newest account.

10% of your credit score considers any new accounts you have opened recently. Someone who has opened several new accounts in a short amount of time is seen as having a cash flow problem and could be a greater risk.

The final 10% of your score takes into account the types of credit you have?credit cards, installment loans, retail accounts, mortgages, etc.

While these are the five factors used, their actual importance may vary from person to person. For example, if your credit history is just beginning, your credit score may be factored differently than someone with a 10-year credit history.