Creidt Scores

Credit Report Scores - Computing Then

Your credit report scores are based on factors that appear in your credit reports. Credit report scores are computed based on a model developed by Fair Isaac Corporation and are typically know as FICO scores. They help lenders determine the risk of extending credit to prospective or existing borrowers.

The following general factors are considered:

• Bill payment history -- 35% of your FICO score (Good: on time and for the full amount)
• Debt relative to your credit limit -- 30% of your FICO score (Good: few installment loans, Bad: many debts, maxed out credit cards)
• Length of credit history -- 15% of your FICO score (Best, entire credit history of 7 years shows no negative reports)
• Types of credit -- 10% of your FICO score (Good: mortgage, car loans, Bad: high interest credit card debt)
• New credit -- 10% of your FICO score (Bad: many rejected applications, new accounts, or credit inquiries)

All these factors are considered in computing your credit score.

Your credit report contains personal information, credit payment history, credit inquiries made when applying for credit, collections, as well as public record information from courts such as backruptcies, foreclosures, wage attachments, liens and judgments.

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