How is credit score determined?

Five Factors in Determining Your FICO Score (source myfico.com)

  1. 35% Payment History:
    • Have you paid your bills on time?
    • If not, how late and how often were you late?
  2. 30% Amount Owed:
    • How much do you owe on each account?
    • How much of your credit line has been used?
  3. 10% Types of Credit:
    • Is your debt secured or unsecured?
  4. 10% New Credit:
    • How many inquiries to your credit history?
    • How many new accounts have been opened?
  5. 15% Credit History:
    • What is the age of your credit history?
    • How long have you had each account?
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