FICO Scores are calculated from various data compiled in your credit report. This information is constantly being updated and changes all the time.
35% Payment History
* Account payment information on specific types of accounts (credit cards, installment loans, mortgage, etc.)
* Presence of adverse public records (bankruptcy, judgments, suits, liens, collection items, and/or delinquency (past due items)
* Severity of delinquency (how long past due)
* Time since (recency of) past due items (delinquency), adverse public records (if any), or collection items (if any)
* Number of past due items on file
* Number of accounts paid as agreed
Knowing your financial goals and having an educated advisor can drastically change your credit profile.
30% Amounts Owed
* Amount owing on accounts & specific types of accounts
* Number of accounts with balances
* 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)
15% Length of Credit History
* Time since accounts opened
* Time since account activity
10% New Credit
* Number of recently opened accounts, and proportion of accounts that are recently opened, by type of account
* Number of recent credit inquiries & time since credit inquiry(s)
* Time since recent account opening(s), by type of account
* Re-establishment of positive credit history following past payment problems
10% Types of Credit Used
* Number of (presence, prevalence, and recent information on) various types of accounts (credit cards, installment loans, mortgage etc.)
