FICO Score Factors - CREDIT SCORE

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CREDIT SCORE: FICO Score Factors

This is a comprehensive list of the information considered by Fair, Isaac scoring models in calculating a FICO score at one of the major credit reporting agencies. 1) Past 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 past due items on file - Number of accounts paid as agreed 2) Amount of credit owing - Amount owing on accounts - Amount owing on specific types of accounts - Lack of a specific type of balance, in some cases - Number of accounts with balances - Proportion of credit lines used (proportion of balances to total credit limits on certain types of revolving accounts) - Proportion of installment loan amounts still owing (proportion of balance to original loan amount on certain types of installment loans) 3) Length of time credit established - Time since accounts opened - Time since accounts opened, by specific type of account -Time since account activity 4) Search for and acquisition of new credit - Number of recently opened accounts, and proportion of accounts that are recently opened, by type of account -Number of recent credit inquiries - Time since recent account opening(s), by type of account - Time since credit inquiry(s) - Re-establishment of positive credit history following past payment problems 5) Types of credit established - Number of (presence, prevalence, and recent information on) various types of accounts (credit cards, retail accounts, installment loans, mortgage, consumer finance accounts, etc.)