Make sure your credit is as clean as possible, according to FICO, a person’s score is as follows:
- 35 percent is determined by payment histories on credit accounts, with recent history weighted a bit more heavily than the distant past.
- 30 percent is based on the amount of debt outstanding with all creditors.
- 15 percent is produced on the basis of how long the borrower has been a credit user (a longer history is better if there have always been timely payments).
- 10 percent is comprised of very recent history and whether the borrower has been actively seeking (and getting) loans or credit lines in the past months.
- 10 percent is calculated from the mix of credit held, including installment loans (like car loans), leases, mortgages, credit cards, and so on.