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Understanding FICO Scores

FICO Scores

Understanding the crossroads that lead to explaining the score.

What makes up the score?

m 35% = based on payment history

      (i.e. on-time pays or delinquencies)

  • More weight on current pay history (reference right side of sheet)

  • m 30% = capacity (capacity is King)

    m 15% = length of credit

    m 10% = accumulation of debt in the last 12-18 months

  • # of inquiries

  • opening dates

  • m 10% = mix of credit

  • installment (raises) vs. revolving (lowers)

  • # of finance company loans the more, the lower the score

  • What actions will hurt the score?

    m Missing payments (irregardless of $amounts…It 
          will take 24mo to restore credit with one late pay)

    m Credit cards at capacity (i.e.maxing out credit cards)

    m Closing credit cards out (thislowers available capacity)

    m Shopping for credit excessively

    m Opening up numerous trades in a short time period

    m Having more revolving loans in relation to installment 
          loans

    m Borrowing from finance companies

    What doesn’t affect the score?

    m Debt ratio

    m Income

    m Length of residence

    m Length of employment

    Approximate Credit Weight for each year

    m 40% = current to 12 months

    m 30% = 13-24 months

    m 20% = 25-36 months

    m 10% = 37+ months

    How to improve the score?

    m Pay down on credit cards

    m Do not close credit cards because capacity will
          decrease

    m Continue to make payments on time (older late pays
          will become less  significant with time)

    m Slow down on opening new accounts

    m Acquire a solid credit history with years of experience

    m Moving revolving debt to installment debt.

     

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