Developed in 1956, a Fair Isaac Score is a three digit number ranging from 300-850, according to the following risk factors:
1) Payment History (35% of score)
a) Payment information on many types of accounts
b) Public record and collection items
c) Details on late or missed payments
d) Specifically, how late they were, how much was owed, how recently they occurred and how many there are
2) Amounts Owed (30% of score)
a) Amount owed on all accounts
b) Amount owed on different types of accounts
c) Whether you are showing a balance on certain types of accounts
d) How much of the total credit line is being used
e) How much of installment loan accounts is still owed
3) Length of Credit History (15% of score)
a) How long your credit accounts have been established, in general
b) How long specific credit accounts have been established
c) How long it has been since you used certain accounts
4) New Credit & Inquiries (10% of score)
a) What kinds of credit accounts you have and how many of each
b) Total number of accounts you have
5) Types of Credit (10% of score)
a) How many new accounts you have
b) How long it has been since you opened a new account
c) How many recent requests for credit you have made
Fair Isaac Resolution Resources Helpline (800) 777-2066. Need more help? Please give me a call!
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