Payment History When evaluating your payment history, check out if your payment history is correct and accurate. Paying within the terms set by your suppliers and creditors may be a very nice ay for creating a positive business credit profile. Also look out for any payment trends that may raise red flags among creditors, such as shifting from paying full each month, to only making minimum payments. Get a Credit Card, And Pay Your Balance On Time To get started in building up a nice credit score, get a credit card, but remember to only start out with one credit card for the moment. Remember that the more credit cards you have, the more debt you'll end up with. You need to be responsible with one credit, before you insist on applying for a second or third credit card. Avoid Getting Extra Credit Cards If you can live with just one credit card, then by all means remain happy with only one card at your disposal. Avoid signing-up for the various credit card offerings you receive in the mail, as well as from the department store or mall clerks who want you to sign up for store discount cards. Here s a basic overview of credit score ranges. Standard Credit Score Ranges Credit scores generally vary a little bit, from one credit reporting agency to another. To develop the credit scoring system, a creditor generally weighs each of the major factors, based on how each of the factors predicts whether a person is deemed a good credit risk. Bankruptcy Lowers Credit Scores Whenever a person files for bankruptcy, their credit score will automatically get a 200-point deduction, and this greatly affects their chances of availing for different loans. If a person did not have a satisfactory credit score before bankruptcy, he or she will definitely have a tough time rebuilding their credit score, and rehabilitating their financial base within a reasonable period of time. According to a recent survey, half of Americans don t exactly know how their credit scores are derived, or what factors are used to compute those three vital numbers. Here are five common myths about credit scores. Myth No. 1 The Major Credit Bureaus Use Different Formulas In Computing A Credit Score This is one of the most common myths about credit scores.