Unfortunately, in our fast paced technology centric society your credit score range means everything to your finances and possibly your quality of life.  Lenders, banks, employers, insurance companies and a host of others look at what credit score range you fall within.  Lenders and Banks use this to determine if they will actually make you a loan and what interest rate you will receive.  Employers also look at your credit score range as a measure of how good of a person you are, and whether you are trustworthy with maintaining the companies assets and may actually use this to determine whether to hire you or not.  Insurance companies, as well, use your credit score range to determine whether to insure you and to determine how much to charge you for your premiums.  While not fair, this is the reality.  Therefore it is important to know what your credit score range is and to take all measures to improve it. How your credit score range is calculated. So let’s start by taking a look at what your credit score is.  Your credit score range is determined byapplying a complex mathematical equation to the data in your credit report to determine how likely you are to pay back that loan, or in some instances how “good” of a person you are.  Your credit report records almost all of your financial dealings for at least the last 7-10 years, every loan, every credit card, every financial transaction in which someone has extended you credit.  It also attempts to record every time you paid on time, every time you made a late payment or missed a payment, every account defaulted on, in addition to how much credit you currently have available and what is the balance you owe and how much your monthly payments are. Based on this comprehensive amount of data the complex mathematical equation is applied to determine your credit score range.  In general 35% of your credit score is comprised of your payment history (were you late on a payment, or have paid everything on time every time).  The amount you currently owe, and how much available credit you have outstanding accounts for an additional 30% of your credit score.  The length of time that you have had credit accounts for approximately 15% of your score, while new attempts to obtain credit (inquiries) makes up 10%.  The final 10% of your score is made up of what type of credit you currently have (i.e. do you have a mortgage, do you have major credit card, do you have an auto loan, etc.). Contrary to popular misconception however, there is no single credit score.  Instead the mathematical formula used is different...