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The most commonly used credit scores are those created by Fair Isaac Corporation, better known as FICO. Interesting enough, The Fair Isaac Corporation still preserves the mystery of how a FICO Score is truly calculated by never actually revealing the secret of their formula. Even if the secret was known, and there was a blanketed FICO Scoring Model, they reserve the right to make amendments without any notice. This leaves most consumers completely baffled about their credit and how it works.
The fact of the matter is, FICO does not produce the scores. FICO created the software that is used by Equifax, Experian, and TransUnion to produce scores. In turn, it is the credit bureaus that manipulate the FICO software by inputting their data into the FICO formula to produce their desired results. Fortunately for consumers FICO has disclosed a general outline of what information is used and how it is weighted.
FICO Credit Scores
The FICO credit score is based on five different weighted factors
35%
Payment history: the record of your on-time and late payments.
30%
Available credit: your credit limit minus the amount you owe for each account.
15%
Length of history: the time elapsed since each account was opened.
10%
Number of inquiries: records of inquiries logged when you apply for credit.
10%
Type of credit: mortgages, installment loans, revolving accounts, etc.
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