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