A good Fico score is a score of about 725 or higher. To be sure you maintain a good Fico credit score, you will need to keep your payments current on all loans and credit accounts. If you are late on your payments quite often, your good Fico credit score will lower remarkably.

To keep a good Fico score you will need to be diligent in paying all your credit accounts on time, Not owe more than 70% of your line of credit, try to keep this down as it will count against your Fico score. A Fico score is also determined on the number of outstanding credit accounts you have open, too many and your Fico credit score will plummet.

You can have a couple of credit card accounts, but don’t go overboard. A revolving credit account or two will not hurt any thing either. Just make sure you don’t have a history of late payments, one won’t hurt anything but if you make it a habit your Fico credit score will be much lower.

It really isn’t difficult to maintain a good Fico credit score, you just need to follow the above tips. Keeping a good Fico credit score, will assure that you will be able to get a home or car loan quickly and with an excellent interest rate.

The number on your Fico credit score will range between 300 and 900, 300 being a very low Fico score. The breakdown of how your Fico credit score is determined is explained below.

* 35% is based on your payment history. The score goes down each time you make a payment late, if the payment is sent to collections, or you declare bankruptcy.

*  30% is how much debt you owe. Try to keep your credit card balances at or below 50% of their limit.

* 15% is determined by the length of time you have had the credit. The longer you have had established credit, the higher your score will be.

* 10% has to do with the number of times someone has inquired about your credit. The more and more recent these inquiries are the worse your Fico credit score will be.

* 10% is based on the types of credit you have now. This includes any loans that are available to you. This is about credit and credit cards. While there is no set number that you should or shouldn’t have. This is the last factor on which your credit score is based.