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3.How Credit Scores are Calculated

 
The methods of calculating your FICO may differ slightly, depending on the credit bureau. When obtaining your score from one of the Credit Bureaus, it is important to understand that your score does not come directly from FICO. It is adapted to each bureau and is given its own name:

Equifax = Beacon
Trans Union = Empirica
Experian = Experian/Fair Issac

These are also referred to as your “Bureau Score”
Since your score is derived from your bureau data, it will change every time your reports change. However your score is calculated, it will always take into consideration many categories of information. No one piece of information or factor determines your score. As the information in your credit report changes, the importance of one or several factors may change in your FICO score. Lenders look at many things when making a credit decision, including your income and the kind of credit for which you are applying. However, your FICO score does not reflect these facts, as it only evaluates the information retained by the credit reporting agency.

 

There are 5 prominent factors that affect your FICO Score.

1. Previous credit performance (Payment History) = 35%

2. Current level of indebtedness (Amount Owed) = 30%

3. Amount of time credit has been in use = 15%

4. Pursuit of new credit = 10%

5. Types of credit experience = 10%

Note to Steve: the above percentages are very rough. They will be different depending on what scorecard is being used to calculate the score

 
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