Chat with us, powered by LiveChat

Types of Credit in Use

Credit Mix is the types of credit used. Examples may be revolving credit cards or revolving lines of credit,  or installment credit like a fixed loan amount. Approximately 10% of a FICO® Score is based on this information. FICO® Scores consider the mix of credit...

New Credit

New Credit is the new account opening activity and any recent ‘hard’ credit inquiries from lenders on your credit report. Approximately 10% of a FICO® Score is based on this information. FICO’s research shows that opening several credit accounts in a short period of...

Length of Credit History

Length of Credit History is the length and age of each trade line on your credit report individually and in aggregate.  Approximately 15% of a FICO® Score is based on this information. In general, a longer credit history will increase a FICO® Score, all else being...

How FICO® Scores Work

Your FICO score is calculated by a computer algorithm that evaluates many sources and types of information on your credit report when you apply for credit. By analyzing the information and patterns in your credit profile to patterns in millions of past credit reports,...

The Amount You Owe

Amounts Owed reflects  how much you owe each creditor individually and in total. It includes your utilization rate for revolving lines of credit (e.g. credit cards). Approximately 30% of a FICO® Score is based on information which evaluates indebtedness. In this...

Payment History

Payment History is a record of every payment or non-payment for past extensions of credits you received. Approximately 35% of a FICO® Score is based on this information, and includes payment information on many types of accounts: Credit cards – such as Visa,...