What goes into determining your credit score and what causes it to go up and down?

Being fairly new to credit I know most of the basics. When I comes to credit score though I keep hearing different stories. What really goes into finding your credit score and does it go down ask to know what it is?

Public Comments

1. If you've paid your bills on time (categories are: on-time, >30days, >60 days, >90 days), if you have bills that have gone to collections or have been written off, and if you've declared bancruptcy. Debts that haven't been paid have a higher negative impact on your score the more recent they are. The number of credit checks done on your account (based on your applications for credit) also has impact.
2. Good question.... Its all based on a secret algrythm which brings factors such as overall credit line, % of amount owed on each account, judgemnts/liens, bankruptices,collections accounts,late payment,lenght of credit history, credit inquiries,etc. It is NOT based on a persons income as may people may believe... http://www.ficonumber.com/fico-number/ http://www.disputedemon.com/credit-score/
3. The score will go down when applying for excess loans or more than one car dealer. You are given 1 free report a year, with 3 different report agencies. Best thing to do is order your one free report from Trans-union, Experian, and Equifax in beginning middle and end of the year. Pay your bills in advance, if you pay on time it still might be late by 1 day. Never have more than half your credit used up on one card as this affects your score! Hold on to your cards as after 7 years of ownership it looks really good on your report. There are many other tips in this book I listed below, I met and golfed with the guy. Simple credit A,B,C's even for those who think they now what they are doing.
4. I have perfect credit. Pay your bills on time, don't have more than 1 or 2 credit cards, have a good driving record, don't live beyond your means, don't live pay check to pay check.Your score can drop everytime someone looks at it, like if you check your credit when considering buying something. Get a loan & pay it off (preferably early) helps your credit.
5. Too many factors go into determining your credit score. There is no equation to determine it. Go to http://www.myfico.com/#aboutscores/ This illustrates the following: Payment history - 35% Amounts owed - 30% Length of credit history - 15% New credit - 10% Types of credit used - 10%