When trying to repair credit scores quickly, think of the 5 main components which influence credit scores in the following proportions -

Payment history: late payments, bankruptcies, collections, judgments – 35%
Debt utilization: the ratio of revolving balances to total revolving credit – 30%
Credit history length: how long the accounts have been open – 15%
Type of credit: credit cards vs. installment loans – 10%
Hard inquiries: applications for new credit – 10%

These proportions, however, may change depending on the type of loan the consumer is looking for.  If you must repair credit score quickly, understand that Equifax, TransUnion and Experian use at least three different scoring models for three different types of credit – mortgages, auto loans, and consumer credit, because these different types of loans carry different default risks.

The credit score models differ in what they are intended to predict, the statistical methods used to determine credit-worthiness scoring, and what data are used and how they are weighted.  That being said, one needs to take a different approach to repair credit scores each and every time.

Equifax uses Beacon 5.0 for home mortgages, but Pinnacle model for auto loans. TransUnion uses FICO Classic 04 and Empirica Auto 95, while Experian uses Isaac/Fair Model II and Advanced Risk Model respectively.

So between two models used by the same credit reporting agency, the credit score can differ by 50-60 points and sometimes more, resulting in quite different rates for a home mortgage or a car loan.  Since cars depreciate very quickly, and homes tend to hold their value or appreciate, the current debt weighs much more for the auto loans.

When aiming to repair credit score, concentrate on the factors that influence the model you will need the most.  More on how to credit repair tips.