Your credit score is calculated using a system called FICO. It was created by Fair Isaac & Company, and it basically takes into account how much debt you have compared to your available credit and how you've managed your credit over time.

If you've been making regular, on time payments for years and years, and if you are utilizing less than half of your available credit, then you probably have a very good credit score. If however, you've been late recently (late in the last 6 months), then your credit score is going to get slightly whacked.

If you have been making late payments repeatedly over the last 6 months to 2 years, or if you have a bankruptcy or foreclosure, then your credit score is going to be very poor. Also, if you have a lot of relative debt, which means all your credit cards are maxed out, then that will lower your credit score as well.

It's very important that you know your credit score and what's affecting that score. There are many credit watch services now available to manage this automatically - my favorite is Fair Isaac's own MyFico service.

Your credit score is calculated using a something called FICO. It was created by Fair, Isaac Company. It basically takes into account how much debt you have and your payment history over time. If you've been making regular on time payments for years, then you probably have a great credit score. If you've been late recently, and I mean in the last 6 months, then your credit score is going to drop. And if you been making late payments over and over in the last 6 months to 2 years, your credit score is going to be very poor. If you have a lot of relative debt, which means all your credit cards are maxed out, then that will lower your credit score even more.

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