Terms of FICO Score and Credit Industry

How Your FICO Score Is Calculated

Your FICO Score is calculated through a number of different factors and percentages. Here is a general breakdown of how your FICO Score is determined:

Payment History (35%) includes account payment information, bankruptcy or judgments, duration of overdue payments, amounts past due (if any), and duration of any adverse occurrences.

Amounts Owed (35%) (30%) includes the amounts owed on accounts individually and totaled together as a whole, the number of accounts with balances,proportion of credit line used and proportion of installment loan amounts still owed.

Length of Credit History (15%) includes the duration accounts have been open as well as the amount of time since accounts have been active.

New Credit (10%) includes the number of and duration since recently opened accounts and proportion to total accounts, number of and time since recent credit inquires, and the re-establishment of positive credit history following past payment problems.

Types of Credit Used (10%) includes the number of various types of accounts, such as credit cards, retail accounts, installment loans, mortgages, etc.