How is FICO® Score calculated?
FICO® considers the following when calculating your score (source):
- Payment history (35%)
Do you make your payments on time? - Amounts owed (30%)
Do you owe too much to too many lenders? - Length of credit history (15%)
Does your record show that you can maintain your commitment over a period of time? - New credit (10%)
Have you opened multiple new accounts in a short period of time? - Credit mix (10%)
Do you have a variety of account types, such as credit cards, installment loans, or a mortgage?
This exact mix may vary depending on which version of FICO® Score is used. In general, FICO® uses a different calculation depending on the nature of the loan.
FICO Score categories
- 300 – 499: Very poor
- 500 – 600: Poor
- 601 – 660: Fair
- 661 – 780: Good
- 781 – 850: Excellent
FICO® produces several models of their FICO® Score to accommodate different types of lending. Models also vary depending on which bureaus provide the data for them. The most common model is FICO Score 8, which along with FICO Score 9 are widely used for lending. Both use data from all bureaus, as do most other models.
FICO® Score models that are more specific include FICO® Auto Score and FICO® Bankcard Score, for lending associated with car purchases and credit card applications. Scores for these models range from 250 – 900.
Mortgage lending uses FICO® Score 2, FICO® Score 5, and FICO® Score 4, which use data from only one of the three bureaus.
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The credit score provided is based on the VantageScore 3.0 model using data from Experian®. There are various types of credit scores, and lenders may use a different type of credit score to assess your creditworthiness.
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