A FICO score is the combination of certain factors that are weighted and together combine to make the total score.

Payment history makes up the largest percentage at 35%. This includes payments made on time and late payments as well as any collections, bankruptcies, and tax liens in your past.

Debt ratio makes up 30% of the calculation and this is calculated as how much credit you normally use per month divided by the total amount of credit available to you. The lower the debt ratio the better your score will be.

Types of credit makes up 10% of the calculation. This means having a credit card, a car loan, and a mortgage for example. The more diverse your accounts the higher your score will be.

Length of credit history makes up 15% of the calculation for a FICO score. This is how long you have had your accounts open for. It is better to keep a 10-year-old credit card in a drawer than close the account because that could decrease your score. The longer you have an account open for the better.

Inquiries make up 10% of the calculation. Only hard inquiries count towards this number. A hard inquiry is when a lender checks your credit when you apply for a new loan like a mortgage. The lower amount of inquiries the higher your score will be.

By: Spencer Abeyta