some help with credit scores

[mantaRay]

I need to receive advice or be lead to sources where I can find information about managing my credit score(s).

I know that I can receive it from the three agencies once a year for free. But I need to know what conditions will increase the score and whether or not this is different for each of the agencies. I have heard conflicting information about what is necessary to do in order to raise the scores. Last time I checked which was a few years ago it was slightly above average.I would like to be able to do what is necessary to raise the score to an optimal amount so if I need to have money I will be able to be financed.

1)How much credit should I have to have an optimal amount? I have a gas credit card and a store credit card but I hardly use them. I always paid the amount off and didn't hold a balance. Is it better to have more credit and use it a lot or have it and not use it? Should I have another line of credit with a higher amount, I was thinking rewards card and then pay for everyday items and pay off the balance each month. I was considering even a 2cycle average daily balance card with a high limit if I use the same amount consistently.

2)How do student loans factor into the score? I have student debt, and the two credit cards, but not any other form of debt.

[DebtFreeMe]

My wife and I paid off and closed all of our credit cards and all other finance accounts about 3 years ago, paid off $48,000 in debt over 2 years to do it. When we purchased our house last year my score was an 820 and my wife had an 810. From what I understand that is considered excellent credit.

So, that's how we did it. Good Luck to you on your quest.

[mantaRay]

Do you know how the scores are calculated regarding the amount and variety of credit held and the frequency of use?

[thc2009]

If you have credit card from Chase(formerly wamu), you can keep watching. They update almost every month.

[silk]

Keep in mind why you are looking to raise your score-general good feeling, car loan, business loan...?
Some general tips-
Its better to have a smaller amount of credit cards, and use them regularly (use the gas card every time you buy gas, for example) and pay them off every month. More credit cards can be seen as more potential debt, and so can some types of high credit limits. Do not cancel your cards- you are seen as a better potential borrower if you have good longterm relationships with your credit card companies. Pay as much as possible into your student debt.