credit score point system

How does the credit score point system actually work?

I want to know how do they determine the credit score point system. I know what is credit and how it works. But I want to know the numbers part like if someone runs your credit report it takes off 2points from your score, another is what if your late on your payment how much does it take off then and if I have a loan for a certain amount does that mean I get a big score or a low score? I have some old accounts (5yrs old) that need to be paid off but if I do pay them off will it really make a difference on my score? Next thing you know I pay them off and then my score only goes up by 4 or 5 points or will I even get a point. What would be the purpose then? At the same time if creditors do look at my report yes it would show paid off but the history would still show that I was delinquent for 5yrs. Whose gonna want to give me a loan any ways? Basically what is the point system and how is it calculated? Let me know so I can start to repair my credit. Much thanks and I appreciate it!!!

When you’re trying to rebuild your credit score it’s important to get a comprehensive view of what is actually effecting it…

Your Credit Score is calculated with the following breakdown:
35 – Payment History
30 – Credit to Debt Ratio
15 – Credit History
10 – New Credit
10 – Credit Types in Use

If you excel in one area and lack in another, only fixing the areas which you lack are going to improve your score.

I’ve got a lot of information on my blog about credit scores, and I get a lot of questions so feel free to check out any of my posts on millionster.com; I believe my articles here address many of your concerns but if they don’t and you still have any specific questions feel free to leave a comment and I’ll reply.

How Can I Increase My Credit Score

http://millionster.com/articles/debt/ask-1mil-how-can-i-increase-my-credit-score/

and

10-Ways to Boost Your MyFico Score

http://millionster.com/articles/debt/increase-fico-credit-score/

Also be sure to check out the Credit Score services I’ve listed here; the only way to know how to raise your credit score so that you can get cheap rate and qualify for great loans is to know what your credit score is and to see what’s in your credit history:

MyFico’s Full Credit Report

http://millionster.com/go/myfico

Suze Orman’s Credit Report Repair Kit

http://millionster.com/go/suzekit

30-day Trial of Credit Score Tracker with Free MyFico Score

http://millionster.com/go/fico30

Hope this helps!