The Best Credit Profile (which will get you the highest Credit Score) usually includes only 3-5 open accounts. If you have a mortgage loan, an auto loan, and 1-3 credit card accounts, you will have the best chance at a high score. Having many open accounts lowers, rather than raises, your credit score. If you have too many open accounts, pay off and close the ones you don't need.
No late payments and no collection issues will dramatically boost your FICO credit score. Also, never let the balance on any credit card or other revolving account exceed 50% of the available credit limit. If you feel that you must exceed 50%, try first to get the creditor to increase your available credit limit, so that you can stay under half. The best score will come to those using less than 1/3 or their available credit on any account.
Be careful though, too much available credit can actually hurt you. That is because some creditors look at how much credit is available to you, rather than what you actually owe, to determine if you could get in over your head. Sometimes it actually improves your score to ask your creditor to reduce your credit limit if it is extraordinarily high. But, remember the 1/3 rule, and never should you owe more than 50%.
Finally, your credit score is most affected by your credit history over the last 18 months. That's bad news if excellent credit for the past 7 years is marred by a few recent mistakes. It is great news if you now have your situation under control - good credit is only 18 months away. Less, if you follow the repair steps in my book and in the software. -Paul
