What's my fico score
The fico score is calculated into five categories and the fico scores consider both positive and negative information. Late payment will lower the credit scores establishing or reestablishing a good track record of making payment on time will raise the score.
the first category is amounts owed and the percent is 30%. .the second categories is payment history and the percent is 35%. the third categories is a types of credit in use and the percent is 10%.The fourth categories is length of credit history and the percent is 15%. the fifth categories is new credit and the percent is 10%.
The first thing that any lender wants to know is whether you've paid past credit accounts on time.Having credit accounts and owing money on them does not necessarily mean that you are a high-risk borrower with a low fico score.A longer credit history will increase the fico scores. Fico scores will consider the mix of credit cards,retail accounts,installment loans,finance company accounts and mortgage loans.Research shows that opening several credit accounts in a short period of time represents a greater risk-especially for people who don’t have a long credit history.
a person who have not been using credit long will be factored differently than those with a longer credit history.The importance of any one factor in your credit score calculation depends on the overall information in your credit report. one factor may have a larger impact that it would for someone with a much different credit history. The information in your credit report changes, so does the importance of any factor in determining your fico scores.
t’s impossible to measure the exact impact of a single factor in how your credit score is calculated without looking at your entire report. Even the levels of importance shown in the fico scores chart are for the general population, and will be different for different credit profiles.