Your FICO score is one of several credit scores and is rated on a scale of 300 to 850. There are other types of credit scores, such as Equifax’s and Experian’s independent ratings, and even FICO has more than one type of credit score (bankcard score, personal finance scores, etc.). With so many types of scores and so many factors that can affect your rating, understanding what you need to do to maintain good credit can feel overwhelming.
If you want to improve and maintain your FICO score, focus on the two biggest factors: paying on time and decreasing the total that you owe. Paying on time is the most significant aspect affecting your credit. Thankfully, managing this one is easy enough. You just need to avoid late payments. Decreasing your total debt, however, might be a bit trickier. Of course, you want to be using your credit cards, and a good credit mix is essential. But if you owe too much, it will lower your score.
There are dozens of other factors to consider, ranging from not opening too many new accounts at once to keeping your oldest account open as long as possible. Ready to learn more about FICO ratings and the other ways you can prop up your credit? Take this quiz to test your knowledge and learn just how much these issues will affect your score.