 How to understand my FICO Credit Score?
The FICO score is a number that is based on a statistical analysis of a person's credit report to show how likely is for that person to default on a loan. This is a statistical summary of the information contained in a consumer's credit report.
- Credit Score Factors:
There are 5 factors, that count by FICO (Fair Isaac and Co., Inc.):
- 35% of your score is based on your Payment history.
- 30% of your score is based on the Amounts owed.
- 15% of your score is based on the Length of credit history
- 10% of your score is based on New credit - whether you have a good recent credit history, following past payment problems
- 10% of your score is based on Types of credit in use - your mix of credit cards, retail accounts, installment loans, finance company accounts and mortgage loans
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