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Credit reporting agencies rely on one or more statistical models to determine your credit score. One of the most popular models is the Fair Isaac Company (FICO) rating system. The credit company assigns numerical values to particular pieces of data in your credit history, such as the length of your credit history and the various types of interest you’re paying. They then plug these numbers into the statistical model, which spits out your credit score. It’s basically a numbers game that weighs the data on your credit report in the following manner:

 35 percent of the score is based on payment history.

 30 percent is based on outstanding debt or how much you currently owe.

 15 percent is based on the length of your credit history or how long you’ve been borrowing.

 10 percent is based on recent inquiries on your report (whenever a lending institution requests a report).

 10 percent is based on the types of credit, such as mortgage or credit card interest.