What Makes Up Your Credit Score - dummies

By Steve Bucci

Part of Credit Repair Kit For Dummies Cheat Sheet

The two major credit scoring models are FICO and VantageScore. The FICO score is better known, but VantageScore is gaining in usage every year. The components and weightings that are used to calculate credit scores are different for each model. Knowing how the scores are computed enables you to take actions to maximize your score.

  • FICO

    • Payment history (35 percent)

    • Amount and type of debt (30 percent)

    • Length of time you’ve been using credit (15 percent)

    • Variety of accounts (10 percent)

    • Number and types of new accounts and credit increase requests (generally in the last six months or so) (10 percent)

  • VantageScore

    • Payment history (40 percent)

    • Age and depth (length and types) of credit (21 percent)

    • Utilization of credit lines (20 percent)

    • Balances (11 percent)

    • Recent credit and line increases requested by you (5 percent)

    • Available credit limits on all your accounts (3 percent)