From a lender's perspective, people who seek new credit more often might be suffering from cash flow problems, which are a big red flag for lenders. If you apply for credit frequently, creditors will view you as a risk, which will lower your score. Inquiries: The number of recent credit applications you've submitted accounts for 10% of your score.This is why it's a good idea to keep credit card accounts open, even if you no longer use them. How long have you had your accounts open, on average? If you've been using credit for decades and doing so responsibly, you'll probably have a higher score than someone with a very short credit history. Longevity: The age of your credit counts for 15% of your score.The lower you keep this ratio, the better. So, if you have credit cards with combined limits of $10,000, your score will be higher if you keep your combined balances to no more than about $3,000. Credit bureaus look at what's called your 'credit utilization ratio.' Typically, your score will be higher if you use no more than about 30% of your available credit. Debt: The amount of debt you have affects 30% of your score.If payments are late, are they 30, 60, or 90-plus days late? Have any accounts been sent to collections? Have you had any bankruptcies or foreclosures? The more negative marks you have, and the more severe they are, the more your score will be impacted. This is a simple question of whether or not you pay your bills on time. Timeliness of Payments: This accounts for 35% of your score.

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