Your credit score may just be the most important number you ever need to know, especially as you look for home loan help. Your FICO score, which is the number that gauges your personal credit rating utilizing your credit history, ranges anywhere from 300-850. The higher your number, the better chance you have for attaining credit.

The best way to keep your score as high as possible is to manage your credit and debt as responsibly as possible. Here is some information on what goes into determining your score:

• The type of credit you have: This accounts for about 10 percent of your score and takes into consideration the number of different credit accounts you have and what kinds of credit they are, meaning loans, mortgages, credit cards, etc. This is hugely important for people with a somewhat limited credit history.
  
  
• Payment history: This accounts for about 35 percent of your score and looks at your payment history of your mortgage as well as any credit accounts, car loans and more. The more missed or late payments you have – especially if your behind on mortgage payments –  the lower that kind of information will drag your score.
  
  
• How much you owe: This accounts for about 30 percent of your score. If you owe large amounts of money on your credit cards, this drags down your score. If you have used up entire lines of credit, this also drags down your score. If you owe a great deal of money on a car or installment loan, this will also weigh against your score.
  
  
• Credit history: This accounts for 15 percent of your score. The longer --- and more positive --- your credit history is, the better your score will be.
  
  
• New credit: This accounts for 10 percent of your score. The more new accounts that have been opened, the more negative impact it will have on your score. If you have too many new inquiries or have too many people doing credit inquires on you, the more negatively this will affect your FICO score.

It takes time to improve your score. If you are trying to purchase a home or car and want to get a good rate, get a copy of your credit report and your FICO score. If you see anything on your report that is having a negative impact on your score, you will want to clear it up before making your purchase to ensure that you get the best rate possible.