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How is My FICO® Credit Score Calculated?

What is a FICO® Credit Score?
The FICO® Credit Score, developed by the Fair Isaac Corporation from which the name is derived, is a measure of consumer credit risk used by lenders to decide upon the amount of credit offered to a potential borrower, and on what terms. When you apply for a loan or credit, your FICO® score may be requested by your potential creditor. FICO® scores are provided by the three different credit bureaus — Equifax, Experian, and TransUnion1. The higher your FICO® score, the better your credit. Your FICO® score indicates your financial health, and a good credit score can improve the borrowing rates and options available to you.

How your FICO® score is calculated
Your FICO® score comprises several factors that contribute in varying degrees, ranked between 300 and 8502.

Your FICO® credit score breakdown
Variables impacting your FICO® Credit Score include3:

  • History of payments made

  • How much you owe

  • Length of credit history

  • Mix of different lines of credit

  • New credit

FICO credit score weighting

History of payments made
Your payment history holds the most weight, with 35% of the score4. This variable takes into account whether you have paid back your credit on time and haven’t missed any payments.

Amount owed
30% of your score5 is calculated by how much you owe. Maxing out credit cards, or carrying high outstanding balances on multiple accounts may indicate a potentially higher risk of being able to handle additional credit, so keeping your spending ratio on your available credit low, is usually a good rule of thumb, and shows you are not relying too much on credit. The amount owed is typically displayed as the most recent balance on each line of credit.

Length of credit history
A longer credit history will improve your score, as it will demonstrate that you are able to manage credit over a sustained period of time, and will contribute toward 15%6 of your overall FICO® Credit Score.

Credit mix
Demonstrating that you can manage a variety of credit, for example, a mix of a credit card and an auto loan, will count favorably toward 10%7 of your credit score.

New credit
Also weighing in at 10%8 is new credit. Opening new lines of credit within a short timeframe may indicate increased risk to a lender. Within this category any credit inquiries are also taken into consideration.

A high credit score may help you to get the best rates and options for borrowing for your future financial plans. You can ensure that you are building your credit by paying on time, having a variety of credit lines, all of which positively impacts your FICO® score over time.




FICO® is a registered trademark of Fair Isaac Corporation in the United States and other countries.


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