Your credit score is a reflection of how you’ve handled your financial obligations. It’s based on information that’s been reported to credit bureaus by companies, like credit card issuers and lenders, you have financial accounts with. If you’ve paid your bills on time and managed your accounts wisely, you’ll have a good credit score. But, if you’ve made some mistakes — like not paying on time or not paying at all — you’ll end up with bad credit.

Some creditors report to all three bureaus, while some may only report to one. The information on your credit report is then filtered through a scoring model to create your credit score. There are different scoring models used for credit scores, but the most popular one used by lenders and credit card companies is the FICO score.

New credit tips: Do your rate shopping for a given loan within a focused period of time: FICO Scores distinguish between a search for a single loan and a search for many new credit lines, in part by the length of time over which inquiries occur.

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Collections are complicated because paying them off may actually end up hurting your credit score by resetting the start date from when it was reported. Before taking action on collections, read on to find out how to navigate these murky waters. Like charge-offs, collection accounts may be reported for up to seven years from the date you first fell behind with the original creditor.

Contact Your Creditors – Do this immediately to set up a payment plan if you miss payment deadlines and can’t afford your monthly bills. Quickly addressing your problem can ease the negative effects of late payments and high outstanding balances. Apply for New Credit Sparingly – Although it increases your total credit limit, it hurts your score if you apply for or open several new accounts in a short time period.