More Factors of your credit score:

1) Credit History – how long have you been credit worthy. This accounts for 15% of your score. If you have a long history of making timely payments, that will help raise your score. Be careful about closing long standing accounts; that will erase part of your good credit history.

2) Mix of Accounts – accounts for 10% of your score. Ideally, credit bureaus like to see a nice mix of credit accounts, a mortgage, an auto loan and three other accounts such as a student loan, credit cards or home equity. FYI – if a home equity loan (HELOC) is more than $40,000, it is treated as a mortgage.

3) Inquires – accounts for 10% of your score. Each inquiry will take points off of your score. Multiple inquiries for a mortgage within a 45 day period will count as one inquiry since the assumption is you are “shopping” for a good interest rate. FYI – only the first 10 inquiries count in a year. Inquiries for a job, insurance or utilities or you own personal review will not affect your score.

 
This information is provided in an effort to help you gather and organize the information necessary to file your individual or small business income tax return. While these financial tools are not a substitute for financial advice from a qualified professional, they can be used as a starting point in your decision making process.