Did you know your credit score can change every day? Your credit score or FICO score is a three-digit number used by lenders to help them decide whether or not to lend you money and at what interest rate. Knowing what lenders see as risky can help you avoid mistakes that can damage your credit score for years. Here are some of the factors lenders look at: Payment track record How much debt owed Credit history Established credit New credit inquiries Types of credit accounts If you want to have the best credit score possible there are a few basic things that, if done on a regular basis, should improve a credit score: Pay all of your bills on time, every time. Keep your credit card balances low. Only open new credit when necessary.