[ratpiper71T]

It's a Definite pain if you mess up. The key don't mess up. This could go on a mile long thread where no one ever would be able to pin down the definites of credit. If there's an industry that should be revamped and standardized in the financials bus., this is the one! I worked in a business where I learned a lot about credit, so I'll share it.
The three credit bureaus tha calculate a score and store information on you and everyone one else's financial identity are transunion, experian and equifax. They all use the same basic info to calculate your score, but they use different mathematical algorithm to get there so thats why if you pull your credit, you get three different scores. Getting your score the highest takes a few different things-- one- don't ever miss a payment-ever on anything. I think among the three this is one of the heaviest weighted factors. They tab 30, 60, and 90 day late pAyments and have a history trail showing the record. Second you need varied types of history visible: revolving(CC), installment,(car loans, term loans) and mortgage loans to get to the really high range AND have it mean anything. You also need time-- after there is months and years of history including the various credit line types it begins to positively affect your score. Keeping credit line open and active and low balance to limit ratio keeps your score high as well. If you close or open or max-out your revolving credit line it brings your score down. In short purchasing power(available balance), payment history is what pumps up the number.