What does my FICO score mean?

Your FICO score is determined by considering various information culled from your credit report. The information derived at your credit report are divided into sections, broken down as follows: -Payment history = 35% -Amounts owed = 30% -Length of credit history = 15% -New credit = 10% -Types of credit used = 10% The breakdown was arrived at due to the consideration of priorities by the general public. All of the categories mentioned above forms the basis of your overall credit score, thus it can be gleaned that each person will have a unique credit score.

You must also be aware that creditors will also verify other factors that will make them approve or disapprove a credit application based on "your income, how long you have worked at your present job and the kind of credit you are requesting. Late payments will lower your score, but establishing or re-establishing a good track record of making payments on time will raise your FICO credit score.

There are five components to calculating one's credit score, each component carries a different amount of weight. The five components are payment history, amount owed, length of credit history, new credit and types of credit used. Payment history makes up 35% of the score and includes things such as account payment information of various accounts, how long accoutns are past due, number of past due accounts and number of accounts that are paid on time.

Amounts owed makes up 30% of the score and includes number of accounts with balances, the amount of the balance, proportion of credit lines used and proportion of installment loans amounts that are still owed. The length of credit history makes up 15% of the score and includes the time since the accounts opened and time since the first activity on the account. New credit and types of credit each make up 10% of the score and include number of accounts that have been recently opened, the time since the accounts were opened, how many different types of credit you have, whether it be loans, credit cards, mortgage, etc.

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