What's in a FICO Score?

1. Payment History

• 35% of your credit score depends on your ability to pay your bills on time each month. This is the highest impact and most important.

2. Amounts Owed

• 30% of your credit score is determined by the balances you have on current debt. The closer you are to having a $0 balance on your credit accounts, the better. We have encouraged you to pay all revolving debt down to 40% of your high credit limit, but the closer you get to owing $0 the more your scores will increase.

3. Length of Credit History

• 15% of your credit score is determined by the length of time your credit accounts have been opened. The longer your accounts have been open and in good standing, the higher your credit rating will be.

4. Inquiries/New Credit

• 10% of your credit score is determined by the number of times your credit has been pulled within a six month period. Each hard inquiry can cost anywhere from 2 to 50 points on a credit score.

5. Types of Credit Used

• 10% of your credit score is determined by the mix of loans you have currently on your report. For example, a great mix of loans would consist of: A mortgage loan, a car note or some other type of installment account, and two to three revolving lines of credit.

_______________________________

• great credit score (700-850)
• average credit score(600-700)
• low credit score (300-600)