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There are several credit scoring models used by lenders, but the most widely used is the FICO score, which was developed by the Fair Isaac Corporation. The FICO score ranges from 300 to 850, with a score of 750 or above considered to be excellent.
So, how is a credit score calculated? Here's a breakdown:
1. Payment history (35% of total score): This is the most important factor in determining your credit score. It includes information about your past and current payments, including any late payments, bankruptcies, or collections. Lenders want to see that you have a history of making timely payments, so it's important to pay all your bills on time.
2. Credit utilization (30% of total score): This refers to the amount of credit you have used compared to the amount of credit you have available. A high credit utilization ratio (meaning you have used a large percentage of your available credit) can lower your credit score. It's generally recommended to keep your credit utilization below 30%.
3. Length of credit history (15% of total score): A longer credit history can help improve your credit score, as it shows lenders that you have a track record of managing credit responsibly over time.
4. Credit mix (10% of total score): This refers to the variety of credit types you have, such as credit cards, mortgages, and auto loans. Lenders like to see that you can manage different types of credit responsibly.
5. New credit (10% of total score): This includes any new credit accounts you have opened or credit inquiries made on your credit report. Opening too many new credit accounts in a short period of time can lower your credit score.
It's important to note that credit scores can vary depending on the credit scoring model used and the information included in your credit report. It's also important to regularly check your credit report to make sure it is accurate and to address any errors or discrepancies.
By understanding how credit scores are calculated and taking steps to improve your credit, you can increase your chances of being approved for credit and secure a better interest rate on loans and credit cards.
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About Limitless Culture and Mike Meza:
Hi, I'm Mike. I established Limitless Culture with a singular objective, to improve creditworthiness and provide credit education for regular, everyday people with fun and engaging content, DIY products, and (for some because no everyone needs it) monthly credit repair services for people with specialty disputing needs. I want to empower working-class people and their families to be able to take control of their credit files the right way.
