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Understanding Your FICO Score
Your FICO score is calculated based on several factors. Outstanding Debt - Comprises 30% of your FICO score.
This would tell the lending company how much of your existing credit is being eaten up by existing loans. Length of Credit History - Comprises 15% of your FICO score.
If you have been paying a loan of significant amount over a long period of time, then this would fare well with the lending companies as it establishes a level of commitment they would want to see. Recent Inquiries - Comprise 10% of your FICO score.
An inquiry is equivalent to a loan application. The more inquiries you have, the lower your FICO score would be. Credit Balance - Comprise 10% of your FICO score.
Credit balance is the difference between the current amount of your existing loans and the original amount of the same. The bigger the balance, the lower your FICO score. Payment History - Comprise a whopping 35% of your FICO score.
This includes everything, from the timeliness of your payments, to the number of bills you have failed to pay, to the bills that have been forwarded to collection companies. Having a good FICO score is important, but remember that FICO score is a debt score. Don't get into debt in order to have a good FICO score. |
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This intel was contributed by auction
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May, 2012
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