What effects my credit score?

We all know that your credit score is probably the most important thing in your financial life- it's what decides if you get approved for that apt ,whether you'll be able to qualify for the mortgage on that dream house,or how much interest the auto loan will cost you on your new car. Having a low credit score can really fu** up your finances. So here are the biggest things that drive the calculation that the agencies( Equifax, Experian and TransUnion) use:

1.Your payment history – about 35% of a FICO scoreHave you paid your credit accounts on time? Late payments, bankruptcies, and other negative items can hurt your credit score. But a solid record of on-time payments helps your score.
2.How much you owe – about 30% of a FICO scoreFICO scores look at the amounts you owe on all your accounts, the number of accounts with balances, and how much of your available credit you are using. The more you owe compared to your credit limit, the lower your score will be.
3.Length of your credit history – about 15% of a FICO scoreA longer credit history will increase your score. However, you can get a high score with a short credit history if the rest of your credit report shows responsible credit management.4.
New credit – about 10% of a FICO scoreIf you have recently applied for or opened new credit accounts, your credit score will weigh this fact against the rest of your credit history. FICO scores distinguish between a search for a single loan and a search for many new credit lines, in part by the length of time over which inquiries occur. If you need a loan, do your rate shopping within a focused period of time, such as 30 days, to avoid lowering your FICO score.
5.Other factors – about 10% of a FICO scoreSeveral minor factors also can influence your score. For example, having a mix of credit types on your credit report – credit cards, installment loans such as a mortgage or auto loan, and personal lines of credit – is normal for people with longer credit histories and can add slightly to their scores.

Side note on # 2- Often times, you will receive offers from credit card companies to do a balance transfer at very low interest rates - usually 4-0%; this is a good way to pay off debt quicker bc more of your payment will go towards principal instead of interest. However, it is important to leave your old card opened that you transferred from. Bc for the following example:
You've got two credit cards- both max. out to their limits of $5k .Meaning your available credit= 0% which will NEGATIVELY effect your credit. You get an offer to transfer both cards to a $10k card at a cheaper rate, so by doing the transfer and leaving the 1st two cards open, you now have available credit of $20k, and you are only using 50% of the available credit ( $10k) instead of 0%= GOOD for your credit. The key is to make sure you stop using the cards as well.