Here is a breakdown of what is, and isn’t, included in your FICO credit score and recommendations for how to keep your score up.
What Makes Up Your FICO Score: http://www.myfico.com/
The exact calculation of the FICO score is kept secret as proprietary information, but here are some general guidelines.
- 35% Payment History
- 30% Amounts Owed or Credit Card Utilization
- 15% Length of Credit History
- 10% New Credit or Credit Inquiries
- 10% Types of Credit Used
What’s Not Included: http://www.myfico.com/CreditEducation/WhatsNotInYourScore.aspx
- Your race, religion, national origin.
- Your age – Other credit scores may consider your age, but FICO doesn’t.
- Your gender or marital status.
- Your salary, occupation, title, employer, or employment history – Lenders may consider this information, however, as may other types of scores.
- Whether you receive public assistance.
- Where you live.
- Any interest rate being charged on a particular credit card or other account.
- Any items reported as child/family support obligations.
- Consumer-initiated inquiries – Requests you have made for your credit report, in order to check it.
- Promotional inquiries – Requests made by lenders in order to make you a “pre-approved” credit offer.
- Administrative inquiries – Requests made by lenders to review your account with them.
- Requests that are marked as coming from employers.
- Any information not found in your credit report.
- Any information that is not proven to be predictive of future credit performance.
- Whether or not you are participating in a credit counseling of any kind.
Control What Is Counted: http://www.myfico.com/CreditEducation/ImproveYourScore.aspx
- Make your loan and credit card payments on time. Pay the minimum due, even if you cannot make a significant payment.
- Do not exhaust your full credit limit. Aim to stay under 30%.
- Do not close accounts with a long positive credit history. They enhance your credit age.