When determining one's credit, there are several different factors that help come up with a numerical score - low indicating bad and high indicating good.  To help you calculate and understand your credit score, there are two popular models that offer a good baseline for what's considered good and what's bad, including FICO.  Using FICO's scoring model, let's dive in and highlight which factors have the biggest influence on your credit score, including:

• Payment History - This is the biggest factor that contributes to 35% of your overall credit score.  The key to maintaining a healthy credit score is never to miss any payments and to always make payments on time.  Even if you don't pay the full amount, making timely payments is essential to maintaining your credit score.
• Amounts Owed - This is the second largest factor that makes up 30% of your credit score, taking into account all of the money you owe compared to your total credit limit.  Also known as your credit utilization rate.
• Length of Credit History - 15% is determined by the length of your credit history.  The longer and more consistent line of credit you have, the better chances you have of securing an affordable loan with low interest rates.
• New Credit - Depending on how often you open and apply for new credit accounts, it will affect your overall credit score by 10%.
• Credit Mix - Your credit mix contributes to 10% of your overall credit score.  The more diverse your portfolio, including installment loans, credit cards, mortgages, etc., the more points you will earn based on your lending history.