Renaissance Realty Group’s Blog: How is a credit score determined?

How is a credit score determined?

How is a credit score determined?
A credit score is based on information contained in your credit file. The FICO® score is calculated using the following credit file items:
  • Payment history: Approximately 35% of the FICO score is based on this category.
  • Amounts owed: Approximately 30% of the FICO score is based on this category.
  • Length of credit history: Approximately 15% of the FICO score is based on this category.
  • New credit: Approximately 10% of the FICO score is based on this category.
  • Type of credit used: Approximately 10% of the FICO score is based on this category.
Please keep in mind that there are many different scoring models that can be used to calculate a credit score, and each scoring model may give more or less weight to the various items of information in your credit file.
1 comment • Eric Reid • March 17 2009 09:00AM

Comments

Hi Eric:

The new FICO 08 model is suppose to give more than 30% weight to the "amounts owed".  There has been no official release for this fact - yet.

:)

Matt Listro

 NCF

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www.nationalcreditfixers.com

Posted by National Credit Fixers - Matt Listro almost 3 years ago

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