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Factor 3: Length of Credit History - 15% of Score

In this factor the scoring system is simply evaluating how long you have had credit. The system simply looks at how many accounts and how long they have been established. It also looks at how long it has been since you have used certain accounts. The general rule of thumb is the longer an account has been established, the better.

Factor 4: Inquiries for New Credit - 10% of Score

I get a lot of questions when it comes to inquiry "dings". So let me start by addressing a few misconceptions. First, when you receive a "Pre-Approved" credit card letter in the mail, this does not count as an inquiry "ding". The companies that send you those offers have not really pulled your specific credit report either. They have simply purchased the names and addresses of people who fit a certain FICO profile. They buy this information from the bureaus (covered in our second installment). As a reminder, you can opt out of that program and decrease the amount of junk mail that you get by calling 888-5-OPT-OUT. The only time that a "ding" is registered against your credit for an inquiry is when you have actively sought new credit. If you are offered a discount at a retail store for applying and using their credit card....THAT counts as a "ding".
If you complete an application for a credit card by mail...THAT counts as a "ding". However, there are two types of credit shopping that you can do and the "dings" are minimized: Shopping for a home loan, or mortgage and shopping for a car loan. In these two instances you are allowed to have your credit run multiple times within a specific time period (45 days for mortgages) and all of the "dings" count as only one inquiry. You cannot get this allowance for ANY other type of credit. So for example, if you were shopping for a new home loan and your first credit report was run on June 1st, the 45 day clock would begin ticking and all of the credit reports that are run or pulled by mortgage lenders or brokers would be counted as one inquiry. However, on the 45th day (July 15th in this example) the next credit report that is run or pulled would count as the second inquiry "ding" and again you would have 45 days to run as many credit reports by mortgage lenders or brokers to count as the second "ding". Although, inquiries only amount to 10% of the overall score, constantly applying for new credit will hurt your score.

Factor 5: Type of Credit/Credit Mix - 10% of Score

This is by far the most vague factor in credit scoring. Basically Fair Isaac has said that it evaluates for a "healthy mix of credit". Which means the mix between revolving credit (credit cards, department store cards, etc.) and installment loans (mortgages, car loans, etc.). The problem is that Fair Isaac has not made clear what makes up a "healthy mix". It is generally believed that the system prefers credit from banks to finance companies, but there is no hard evidence to support the assertion. My point of view is that it might be possible as the credit cards from banks often have tougher application criteria than finance companies.