Here are 5 major factors that could hurt your score:

• 35% of the score depends on payment history, taking into account late payments. (One late pay could cost you 75 to 100 points). It is important to pay your bills on time.

• 30% depends on how much debt you have. Your score may be lower if you owe more than one-third of your available credit. (Always keep your revolving credit paid under 30% of the available credit, anything over that will drag your score down).

• 15% depends on credit history. The longer your credit history is better. Hint: DO NOT close your oldest account or try to open multiple accounts at the same time, or your score is likely to drop.

• 10% considers how you handle a variety of debt, from student loans to mortgages to credit cards. (Don’t focus on just one type of credit, meaning installment or revolving. Try to have at least 2 revolving credit cards and one installment loan, like a student, auto or home loan).

On occasion, a consumer will not have enough credit references to obtain the loan they wish to secure. If this is the case for you, start by opening small lines of credit that report to all of the three major credit bureaus, and make purchases that can be paid off easily. A really good credit card with which to establish credit is www.orchardbank.com. In addition, your bank or credit union may be able to provide you with a credit card account once you have established a history with them as a customer.

You can also ask your family or spouse to add you to their credit card account(s) just as an authorized user. By adding your name to an established line of credit, you can gain points by using that person’s credit history. This must be a family member or significant other.

You will want to strive for at least 1-2 installment accounts, such as an auto, home or student loan, and 1-2 revolving accounts, such as a secured or unsecured credit card.