Formula Used To Calculate Your FICO Score

  • 35% on your payment history
  • 30% on the amount you currently owe lenders
  • 15% on the length of your credit history
  • 10% on the number of new credit accounts you have opened or applied for (fewer is better)
  • 10% on the mix of credit accounts you have (mortgages, credit cards, installment loans, etc.)

 

What Does My FICO Score Mean?

FICO scores range from 300 to 850.  Here is what they mean to a lender:
  • Excellent: Over 750
  • Very Good: 720 or more
  • Acceptable: 660 to 720
  • Uncertain: 620 to 660
  • Risky: Less than 620