How is Your Credit Score Determined?

 

FICO Score

 

·       35% of the score is based on payment history.  Late payments reduce the score of course.

 

·       30% of the score is based on the amount of credit owed.  Owing a great deal of money could indicate the person is over-extended and a higher risk borrower. 

 

·       15% of the score is based on the length of credit history.

 

·       10% of the score is related to the number of recent inquiries.

 

·       10% of the score is related to the types of credit used.

Information as a courtesy of:

NICELY & COMPANY

(877) 552-7150-Toll Free

(540) 552-7150-Office

(540) 552-7154-Fax