What Makes Up a Credit Score?
The FICO score generally ranges from 300 to 850, and a higher score indicates a lower credit risk. FICO scores are calculated from many sources information in your credit report, which is based on the importance of the following five categories for the general population:
Payment History 35%
Were Payments Made on Time?
Amounts Owed on Accounts 30%
Is the balance owed close to the limit?
Length of Credit History 15%
How long have your accounts been open?
New Credit 10%
How many new accounts have been opened?
Types of Credit Used 10%
Mortgage, auto, consumer finance accounts, revolving and installment loans.