How is your FICO Score Based?

Here are the Facts on what makes up your FICO score. This information is provided by Advantage Credit of Colorado.



Payment History = 35%
Do you pay your credit on time?
Length of Positive credit history.
Severity and quantity of delinquencies

Amount Owed = 30%
Quantity of credit Accounts – too many credit cards with balances can lower a score.
Keep balances to 10% of high credit.

Length of credit history = 15%
The longer the credit history, the better.
How long have your credit accounts been established?
How long has it been since you used certain accounts?

New Credit = 10%
Research shows that opening several credit accounts in a short period of time does represent greater risk – especially for people who do not have a long established credit history.


The Healthy Credit Mix


2 installment loans
3 revolving accounts with balances
Revolving debt balances below 10% of high credit
No collections accounts, public records, foreclosures or last payments
Accounts with long payments history and no balances