Five Factors that affect Your Credit Score

Recently I reviewed a book by Joe Lance Letizia "The complete Guide to a Higher Credit Score" and was surprised by this interesting statistic: "studies indicate that individuals with 6 or more (recent) inquiries on their credit reports are 8 times more likely to declare bankruptcy than those with no inquiries on their report".  Here is a brief Summary from the Chapter on Credit scores and the Five Factors that affect them:

Component	%	Details
Payment History	35%	Payment information on all types of accounts: credit cards (visa, AmEx, Home Depot), installment loans (mortgages, auto, student).  Public Records and Collection items: bankruptcies, foreclosures, lawsuits, etc.  Details of delinquencies: late or missed payments, etc.  The number of accounts with no late payments: timely payment history will increase your credit score.
Length of Credit History	15%	The length of time your credit accounts existed.  And history of use on certain types of accounts.
Credit Mix	10%	The types and Quantities of credit accounts.
Amounts Owed	30%	Amount you owed on all your credit accounts.  Overall amount you owe on credit cards and other accounts.  The types of loan balances.  The number of accounts with a balance.  The amount of credit line used on credit cards and other revolving accounts.  The amounts still owed on installment accounts.
New Debt/New Credit	10%	The number of New accounts you have.  How recently they were opened (a lot of new cr5edit accounts indicates higher risk).  How many recent credit requests you've made.  Certain studies indicate that individuals with 6 or more inquiries on their credit reports are 8 times more likely to declare bankruptcy than those with no inquiries on their report.