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How Credit Scores are Calculated? With so much relying on your Credit Score it is important to understand how your score is calculated. Referred to as your FICO (Fair Issac CO) Score,your credit score is a summation of complex algorithms used to calculate your exact score. The formulas are protected. We give approximate percentages that help understand what makes your score: Payment history (35%) The largest factor. The number of unpaid bills you have, any bills sent to collection, bankruptcies etc. The more recent the problem, the lower your score. Outstanding Debt (30%) Are your cards maxed out? High balances or, more precisely, balances that are close to your credit limit, can negatively affect your score. Keep balances below 35%. Length of credit history (15%) How long have your accounts been open? The longer, the better. Recent inquiries (10%) Every time you apply for credit of any kind you create an inquiry on your credit report. Multiple inquiries negatively affect your score. Types of credit in use (10%) Current loans at finance companies. How many and how much. Three major credit bureaus, Equifax, Trans Union, Experian, dominate the credit market for supplying lenders with credit scores. Get started Today with the BEST choice |
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WHAT MAKES YOUR SCORE