What’s in your FICO® score?
FICO Scores are calculated from:
- Payment History (35%)
- Amounts owed (30%)
- Length of credit history (15%)
- New credit accounts (10%)
- Type of credit used (10%)
A FICO score takes into consideration all these categories of information, not just one or two.
Payment History
Payment History includes account payment information on specific types of accounts (credit cards, retail accounts, installment loans, finance company accounts, mortgage, etc.) Also recorded are any adverse public records (bankruptcy, judgments, suits, liens, wage attachments, etc.), collection items, and/or delinquency (past due items). The severity of the delinquency is taken into consideration. Amount past due on delinquent accounts is considered as well as number of past due items on file and number of accounts paid as agreed.
Amounts Owed
Amount owed on accounts, number of accounts with balances and proportion of credit lines used (proportion of balances to total credit limits on certain types of revolving accounts). Proportion of installment loan amounts still owing (proportion of balance to original loan amount on certain types of installment loans).
Length of Credit History
Time since accounts opened, by specific type of account and time since account activity.
New Credit
Number of recently opened accounts, and proportion of accounts that are recently opened, by type of account. Number of recent credit inquiries and time since recent account opening(s), by type of account. Re-establishment of positive credit history following past payment problems.
Types of Credit Used
Number of (presence, prevalence, and recent information on) various types of accounts (credit cards, retail accounts, installment loans, mortgage, consumer finance accounts, etc.).
