Show Me Information About Credit Score Range Good Excellent Chart

Financial facts about you are compiled from the application you completed requesting credit and other places. Data includes whether you have missed any bill payments, the number and type of accounts you possess, missing payment due dates, collection actions, outstanding debt, how old your accounts are, and other info. Using the Fair Isaac statistical system or model, lenders compare this information here to the credit results of consumers with profiles that are similar and assign points for every factor that assists in predicting who is most expected to pay back the debt. From this we get the term "FICO Score" which stands for a credit score employing the Fair Isaac Company (FICO) formula.

Credit info is used according to its type and its history. The more current the specific data, the more relevant it is. For instance, a very old 90 day late can possibly be less weighted than something like a 30 day late that occurred more recenetly. The data type is also weighted: how payments were handled in the past (most important weight-35%), credit utilization (next heaviest-30%), how long has been using credit (third most important-15%), types of credit in use (least weighted-10%) and number of new credit queries (equally least weighted-10%).

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