Most consumers are aware that their payment history has a direct effect on their credit rating, but there are a number of other factors that credit bureaus use to calculate your credit score.

Here are 5 rather surprising facts about credit scores:

1. A persons income level has nothing to do with their credit score. You could easily see a millionaire that earns six figures a year with a very low credit score. You could just as easily see a person that earns minimum wage with a strong credit score. The scoring system is used to measure how responsible a person is with the money they have, not how much they earn.

2. Old Accounts: When the credit reporting bureaus consider your credit score, they look at the types of credit you have and how old your accounts are. An older account that is still operating shows a lender the next time you apply for credit that you haven’t consolidated or negotiated your old debts, but have actively maintained them with a level of financial responsibility. If you intend to pay off some debts, pay off the newer ones first and leave the older ones open if you can.

3. Don’t Pay Collection Agencies: Did you know that paying off collection agencies or debts that are older than two years old won’t help your credit score? The Credit Bureaus calculate your score using the last date of activity on your account, so if the last date of activity is over two years old it begins to lose its negative power.

You should be aware though that if you negotiate some sort of payment plan with a collection agency, this will be considered an agreement and the date of activity can be shown as the date of the conversation.

4. Debt/Limit Ratio: The people that can show the reporting bureaus that they have their spending habits well controlled will be rewarded. When a person is able to keep their balances well below their allowed limit, the score will be increased. It is best to keep all card balances below 30% of the credit limit.

Remember that when you are in debt, the banks are profiting. It won’t hurt to increase your credit limit it you are able to act responsibly and only use the amount that you can comfortably handle with your current income.

5. Frequency of Credit Applications: Did you know a full 10% of your total credit score comes from the number of times you’ve applied for credit? Every time someone pulls your credit, the enquiry is listed on your credit report. The more enquiries shown on your report, the lower your score will go.

If you know you’ve already applied for a lot of credit, then spend a few months and pay down your balances before you apply for anything new. The simple act of not applying for new credit will increase your score as older applications fall away.