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credit score basics

how is it calculated?

It’s based on the financial history found in your credit report. Making a credit card or car payment impacts your score, but credit reports look at a few other aspects of your finances, too.

Your FICO® Score, for example, is calculated based on five factors:

  1. Payment history (35% of your score) Have you made payments on time?
  2. Amounts owed (30% of your score) How much of your available credit and loans are you using?
  3. Length of credit history (15% of your score) How long have you had credit?
  4. New credit (10% of your score) What is the frequency of credit inquiries and new account openings?
  5. Credit mix (10% of your score) What kind of accounts do you have?


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