The score formula is the genesis of the product that companies like FICO sell. This question is a bit like asking for the exact recipe for Coke. If they made the formula public, their research and product would be worthless to them. The only things we know are common patterns we've noticed and general information provided by FICO. There are tools to manage your score at myfico.com and the sites for advisors such as Suze Ormann. No one knows the exact math, but you can find hints for how to improve.
According to the FICO the highest possible credit score you can obtain is 850, but if you use another credit scoring formula Vantage Score the credit rating can go all the way up to 990. FICO is the mostly widely used
Number of loans, credit cards, and late payments are used to determine your credit score. In addition, how much open credit you have is also used.
There are many aspects of your credit history that affect your credit score. 35% - Your Payment History - Credit cards, Telephone bills and other utility bills 30% - Amounts You Owe - Outstanding credit amounts in loans and credit cards 15% - Length of Your Credit History 10% - Types of Credit Used 10% - New Credit
Number of credit inquiries, number of open accounts, length those accounts have been open, payment history, percentage of available credit...there are more, but those are 5 big ones.
Score is a noun for a value (game, credit, etc) and a verb to mean cut with a line or lines. It is an archaic number value (20) that is not used as an adjective. As a noun adjunct, it appears with nouns (e.g. score table), but the related adjective is "scored."
Mortgage companies use your FICO score, Credit card companies use you Advantage Score which is a different scoring formula from FICO
Absolutely. Your credit score is based on the amount of money you owe, have owed or are in arrears. There is a formula used to compare your income to debt ratio. The higher the debt compared to your income, the lower your credit score.
According to the FICO the highest possible credit score you can obtain is 850, but if you use another credit scoring formula Vantage Score the credit rating can go all the way up to 990. FICO is the mostly widely used
Fico- a corporation that invented a model used to create your credit score and commonly used by many institutions.
The Beacon version 5.0 is the formula which was created by FICO (Fair Isaac Company) and is used by Equifax to calculate a credit score. Considering that the average FICO score in the US is 680, your score would fall just below average.
Number of loans, credit cards, and late payments are used to determine your credit score. In addition, how much open credit you have is also used.
A credit score is a tool used by lenders to help them make lending decisions. A credit score is determined by the information in a credit report. While credit scores depend on specific scoring systems used, ultimately they represent the risk level that you represent to a potential lender. Using the PLUS Score, one educational scoring model, a good credit score is between 700 and 725.
There are many different types of formulas used to figure out credit scores. Each formula has a different range. In all of the examples below, a credit score of 828 is possible. FICO Fair Isaac Co. FICO Score* 300-850 Equifax ScorePower Score 300-850 Experian PLUS Score 330-830 Experian Vantage Score 501-990 TransUnion TransRisk Score 400-925
The difference between credit score and credit rating is simple Credit score (or credit history) is the history of paying back debt where as credit rating the the reputation for paying back money owing
A FICO score works as a credit score which is used by many financial institutions. This can be used to determin whether you will be provided services such as insurance, banking or loans.
Actually, there is a formula made up by Fair Isaac that computes your score and it is called your FICO score which use to be used by the 3 major Credit Reporting Bureau's, now they are using a new scoring system called Vantage. FICO is still around and used primarily by mortgage lenders and actually is the preferred scoring system.
Absolutely it does! Your credit score is used by credit agencies to determine the amount of risk they are taking on. If your credit score is bad or low then you auto loan rate will be higher. However, if your credit score is good or high then your auto loan rate will be lower.