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How credit is calculated

“How your credit score is calculated”

The most used credit scoring company is the Fair Isaac Corporation “FICO”. Over 80% of creditors use FICO scoring. Below is the breakdown and factors of what makes up your FICO score. Credit is based off several different factors however payment history makes up 35% which is why it's very important your accounts are “paid as agreed” or “paid on time”. By making only one payment late can negatively affect your credit score. A good FICO score is 750+ on a scale 300 to 850.

How credit scores are calculated

Payment History:
Accounts paid as agreed
Number of past due items
Current negative marks
Amounts owed

Secured vs unsecured 

Number of accounts with balances:
Balance to credit
Balance to loan amount

Length of credit:
Time since account opened
Time since account activity 

New Credit:
Recent credit inquires
# of inquires
Recent opened accounts
Time of recent opening

Types of credit:
Installment loans
Retail cards
Credit cards

Santasia H.~

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Website: www.creditdonesimple.com
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