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What's in your FICO Credit Score

April 14, 2010 by Marco Santarelli

FICO Scores are calculated from a lot of different credit data in your credit report. This data can be grouped into five categories as outlined in the chart. The percentages in the chart reflect how important each of the categories are in determining your FICO score.

These percentages are based on the importance of the five categories for the general population. The importance of these categories may be somewhat different for particular groups. For example, people with new credit or those who have not been using credit for very long.

Payment History

  • Account payment information on specific types of accounts (credit cards, retail accounts, installment loans, finance company accounts, mortgage, etc.).
  • Presence of adverse public records (bankruptcy, judgments, suits, liens, wage attachments, etc.), collection items, and/or delinquency (past due items).
  • Severity of delinquency (how long past due).
  • Amount past due on delinquent accounts or collection items.
  • Time since (recency of) past due items (delinquency), adverse public records (if any), or collection items (if any).
  • Number of accounts paid as agreed.
  • Number of past due items on file.

[Read more…]

Filed Under: Financing, Real Estate Investing Tagged With: calculating credit score, calculating fico score, credit score, FICO score

How To Improve Your FICO Credit Score

January 13, 2010 by Marco Santarelli

Improving your FICO® credit score may take time and often there is no quick fix. FICO scores reflect credit payment patterns over time with more of an emphasis on recently reported information than older information. Below are some general tips to follow that may increase your FICO credit score:

  • Focus on the negative factors provided with your FICO score. These represent the main areas where your score could be higher.
  • Don't open new accounts for the purpose of providing a better credit picture – it probably won't raise your FICO score and, in some instances, may even lower your score. Apply for and open new credit accounts only as needed.
  • Keep balances low on credit cards and other “revolving credit”.  High outstanding credit card debt can negatively impact your FICO score.
  • Pay off debt rather than move it around from one credit card to another. The most effective way to increase your FICO score in this area is by paying down your total revolving (credit card) debt.
  • Pay your bills on time. Delinquent payments, even if only a few days late, and collections can have a major negative impact on your FICO score.
  • [Read more…]

Filed Under: Financing Tagged With: credit repair, credit score, FICO score, Financing, mortgage

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