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Here is info provided to us from a mortgage  broker acquaintance regarding credit scoring which we found interesting and perhaps you will, too:

Credit and credit scores are something that everyone asks about.  Here's some information that can shed light on what makes up the score.

Credit shows the borrower's character and his willingness to pay his debts. The benchmark for conventional loans is 620.  The score is based on 5 factors which predict the likelihood that the borrower will have a 90 day late payment.

• 35% of the score is based on late payments of 30 days on any account.  If the borrower has a late payment in the last 0-6 months it is a hard, hard hit to the score.  7 to 23 months is a hard hit, 24 to 36 months is a minor hit.  A late payment would have to be 3 years old before it stops affecting the score.
• 30% of the score is based on the high credit/balance for revolving debts only.  If the borrower owes more than 50% of his available credit, this is a high impact.  In addition, if the borrower has recently added several new debts, it will be counted negatively as those accounts have not had a chance to perform.
• 15% of the score is based on the credit type.  This means the difference between bank and finance company financing.
• 10% of the score is based on the borrower's credit history.  This means the length of time the borrower has had credit.  We should not advise our clients to close old accounts.  Closed accounts no longer report -- paid accounts report to the bureau and therefore help to increase the scores.
• 10% of the score is based on inquiries.  It is common for the borrower to have between 5-7 inquiries in a 12-month time frame.  Anything over this can affect the score between 5-15 points. However, a borrower can have an infinite number of mortgage inquiries in a 30-day period and the score will not be affected.  

National Distribution of FICO Scores

   800+........................................... 13%
   750-799 .................................. 27%
   700-749 .................................. 18%
   650-699 .................................. 15%
   600-649 .................................. 12%
   550-599 ..................................   8%
   500-549 ..................................   5%
   under 499 ...............................   2%

Source:  SWBC Mortgage Corporation/K Leonard/Skye