If you get a FICO credit score, or any other credit score, be sure to read the analysis or summary that comes with your report, explaining why your credit score is a certain number.

Watch out for these types of negative statements:

• Amounts owed on revolving accounts is too high
• Amount past due on accounts
• Serious delinquency, derogatory public record, or collection filed
• Time since delinquency is too recent or unknown
• Too many accounts with balances

Is Your Credit Card Debt or Too Many Inquiries Hurting Your Credit?

Beyond late payments and other delinquencies, some other reasons that your FICO scores may take a hit are if you have too much credit card debt outstanding, if you have too many recently opened accounts, or if you have a high number of credit inquiries.

According to Fair Isaac, creator of the FICO score, there are five criteria that go into formulating your credit score:

• your payment history makes up 35% of your FICO score
• the amount of debt you owe comprises 30%
• your length of credit history accounts for 15%
• the existence of new credit, or inquiries, makes up 10%
• and the type of credit you’re using each constitutes the final 10%

Use this information to take immediate action to improve your credit score.