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2006-07-25 08:02:33 · 5 answers · asked by Anonymous in Business & Finance Credit

5 answers

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 · answer #1 · answered by Jacque w 3 · 0 0

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 · answer #2 · answered by Anonymous · 0 0

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 · answer #3 · answered by STEWIE 6 · 0 0

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 · answer #4 · answered by kcaug 2 · 0 0

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 · answer #5 · answered by Anonymous · 0 0

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