Its not a formula, its s point system that is figured by
1) Repayment History
2) Blances/available credit
3) Mtg/Revolving/installment tradelines
4) Length of credit history
5) amount you charge/ how fast you pay it down
6) Inquiries
The most harmful to any credit score is Derogatory / or collection
2006-07-25 08:25:44
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answer #1
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answered by Jacque w 3
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I suggest you go to the source!
http://www.myfico.com
This is the home site for the folks who developed the FICO scoreing system, and they have lots of info about it.
2006-07-25 17:50:28
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answer #2
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answered by Anonymous
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No one knows. It's a trade secret.
But basically, it involves stuff like:
1. Payment history
2. Type of loan
3. Length of history
and others...
2006-07-25 15:07:15
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answer #3
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answered by STEWIE 6
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35% punctuality of payment in the past
30% capacity used: the ratio of current revolving debt (credit card balances, etc.) to total available revolving credit (credit limits)
15% length of credit history
10% types of credit used (installment, revolving, consumer finance)
10% recent search for credit and/or amount of credit obtained recently
2006-07-25 16:07:34
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answer #4
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answered by kcaug 2
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A deep, dark secret. Fair, Isaac & Co, which devised it, considers it proprietary. If you want to raise yours, pay your bills on time, and manage your credit intelligently,
2006-07-25 15:07:07
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answer #5
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answered by Anonymous
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