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5 FICO Factors to Know

Most people perish due to lack of knowledge.  This couldn’t be more true when attempting to tackle subjects as complexed as credit.  But, there is hope when you know the foundation.

FICO scores, which are commonly used by lenders to assess an individual’s creditworthiness, are calculated based on several factors. These factors can be grouped into five main categories, each carrying a different weight in the calculation:

  • Payment History (35%): This is the record of your on-time and late payments on credit accounts, such as credit cards, mortgages, and loans. A consistent history of on-time payments can positively impact your score, while late payments, defaults, bankruptcies, and other negative events can lower it.
  • Credit Utilization (30%): This factor considers how much of your available credit you’re using. It’s calculated by dividing your current credit card balances by your credit limits. A lower credit utilization ratio is generally better, as it suggests responsible credit management and a lower risk of overextension.
  • Length of Credit History (15%): The length of time your credit accounts have been open is taken into account. A longer credit history can indicate stability and responsible credit use, which can positively impact your score. This factor considers the age of your oldest account, the average age of all your accounts, and the age of your newest account.
  • Types of Credit in Use (10%): This factor considers the mix of credit types you have, such as credit cards, mortgages, installment loans, and retail accounts. Having a diverse mix can show that you can manage different types of credit responsibly. However, this is a less influential factor compared to the others.
  • New Credit (10%): Opening multiple new credit accounts in a short period can be seen as risky behavior, as it might indicate financial instability or an intention to take on a lot of debt quickly. This factor considers the number of recently opened accounts and the number of recent inquiries into your credit report.

It’s important to note that your FICO score is a three-digit number typically ranging from 300 to 850. The exact formula used to calculate FICO scores is proprietary, and different credit bureaus may have variations in the scores they provide based on their own data. Additionally, different FICO score versions might have slight differences in the way they weigh these factors.

Managing your finances responsibly, making on-time payments, keeping credit card balances low, and maintaining a mix of credit accounts over time can all contribute to building and maintaining a strong FICO score

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