Answer

I recently obtained a copy of my credit report and score (+610). My goal is to pay off at least three out of the five overdue credit accounts. I paid one off completely and am working on the others. With each account that I settle, by how many points does my credit score increase?

It's not that simple. Fair, Isaac and the other credit scoring firms have proprietary formulas that weigh many factors. With every debt that you reduce, however, you'll be moving in the right direction. The five general factors that count in creating a person's credit score are: past payment history (35%), total amount owed (30%), length of credit history (15%), new credit applied for (10%), and variety of types of credit used (10%).