How Are FICO Scores Calculated?Scores are calculated from five major sets of information found in your credit report. By understanding the FICO scoring model, you can learn how to maintain a good credit score or raise a low credit score.
Here are the five most important factors used to calculate your credit score:
Credit Score
35% of your credit score originates from your payment history. When late payments are reported to the credit bureaus they lower your score dramatically.
Total Debt
30% of your score is calculated by comparing your total debt, such as card balances, to available credit (credit limits).
Length of Credit History
15% of your credit score is based on the length of your credit history.
Credit Type
10% is derived from the types of credit you use. Some credit accounts are weighted more heavily than others.
Recent Credit Used
10% of your FICO score is determined by how much credit you have recently used.
Here are the five most important factors used to calculate your credit score:
Credit Score
35% of your credit score originates from your payment history. When late payments are reported to the credit bureaus they lower your score dramatically.
Total Debt
30% of your score is calculated by comparing your total debt, such as card balances, to available credit (credit limits).
Length of Credit History
15% of your credit score is based on the length of your credit history.
Credit Type
10% is derived from the types of credit you use. Some credit accounts are weighted more heavily than others.
Recent Credit Used
10% of your FICO score is determined by how much credit you have recently used.
