What Goes Into My Credit FICO Score

What is a FICO score?

In the United States a credit score (FICO – Fair Isaac Company) is a number that is based on a statistical analysis of one individual’s credit report and is used to decide the creditworthiness of that individual and the probability of the individual to repay the debt. A FICO score is based on obtaining information from their credit report, typically from the three major credit bureaus: Experian, Equifax and Trans Union.

What goes into a FICO Score?

35% Payment History
30% Amount Owed
15% Length of Credit History
10% Types of credit used
10% New Credit


What is the minimum FICO score I need to get the best rate possible?

Fico scores range from 300 to 850. A credit score of 760 or higher places you in top tier. Only 15 % have scores above 800. The benefits are practically the same if you have a 760 score. The median score is 723.

How long can negative items on my credit history impact my score?

7 years. Negative items generally affect your score. As time goes by their impact will lessen. If you pay your bills and keep account balances low and do not open a lot of new ones your score can rebound fairly quickly.

What is required to clean up my credit score?

Paying bills on time and not maxing out credit. About 2/3 of your score is based on payment history. The later you are the more points you lose and how much you owe and the percentage of your credit limit that you have used. Try to keep your balances on credit cards below 25% of your available credit.