Improve your FICO score. What is FICO?

Some facts about FICO score:

FICO credit scoring system was developed by Fair, Isaac and Co.

It ranges in between 350 to 850. More the better. The score
tells lenders how likely you are to pay a credit obligation or repay
a loan on time. If you have higher scores, you are likely to get
lower interest rates in mortgages and sometimes even in credit
cards and you'll be more in a position to demand some favors from
your creditors.

The following criteria (in order of importance) determines your
score:
- Payment History
- Amount currently owed
- Length of credit history (established in USA)
- New credit (newly opened accounts lower your score)
- Types of accounts in Use (whether your mix of credit accounts,
i.e. mortgages, installment loans(like car loan) and credit cards,
is a healthy one. Having too many of one type goes against you.