What is credit?
FICO Scores are calculated from various data compiled in your credit report. This information is constantly being updated and changes all the time.
This data is grouped into the five categories listed below. The percentages in the chart reflect how important each of the categories are in determining your FICO score.
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
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.)
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