Bucks County Loans

How is your FICO® Credit Score determined?

With your credit score affecting so much these days it is important to keep an eye on it. That said it is just as important to know what goes into calculating your credit score. A credit score is not just calculated by how much you make and how much you owe. In fact your salary doesn’t even play roll. The chart to the left and the information below is an accurate list of what is used to calculate your credit score. So pay attention because this is important and if you have any questions just contact us and we will help.

Payment History – 35% of your credit score

• Payment information of accounts such as credit cards, loans, rentals and mortgages
• Adverse public records like bankruptcy, suits and liens
• Amount and time length of account delinquency
• Number of accounts that are delinquent and accounts paid as agreed

Amounts Owed – 30% of your credit score

• Number of accounts with a balance
• Amounts owed on accounts
• Proportion of balances to total credit limits on certain types of revolving accounts

Length of Credit History – 15% of your credit score

• Time since accounts opened
• Time since account activity

New Credit – 10% of your credit score

• Number of recently opened accounts
• Number of recent credit inquiries
• Time since credit inquiry(s)
• Re-establishment of positive credit history following past payment problems

Types of Credit Used – 10% of your credit score

• Number of different types of accounts