2007-03-25 16:26:27 · 3 answers · asked by tcw_rickieg 1 in Business & Finance ➔ Credit
Only FICO knows.
Even the CRA's do not know exactly what formula FICO uses, so they make up their own - which are not considered "true" scores.
2007-03-25 16:54:55 · answer #1 · answered by echo 7 · 1⤊ 0⤋
While the exact formula is a closely guarded secret, here's the breakdown of the percentage factors used to develop a score.
35% Payment history, 30% Amounts owed in relation to available credit., 15% Length of credit history, !0% How much new credit you have, and 10% On the types of credit in use... Secured verses unsecured.
2007-03-25 23:53:27 · answer #2 · answered by chimneygod 3 · 0⤊ 0⤋
Unfortunately the formula is a secret that only the credit reporting agencies know. How that formula is applied can vary between the three major bureaus.
2007-03-25 23:40:21 · answer #3 · answered by Paladin1966 1 · 0⤊ 1⤋