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Financial info concerning you is gathered from your credit application and other places. Data includes your history of paying bills, the quantity and type of accounts you possess, payments paid late, collection actions, existing debt, age of your accounts, and other information. Using the Fair Isaac statistical scheme or model, lenders compare this info to the credit outcomes of consumers with profiles that are similar and assign points for any characteristic that helps to foretell who is most expected to repay an amount they owe. This is where we get the expression "FICO Score" which stands for a credit score resulting from the Fair Isaac Corporation (FICO) formula.

Credit info is weighted according to what type it is and how old it is. The sooner the specific data, the more weighty the affect. For instance, something that was late by 90 days a while ago may perhaps be significantly less weighted than something like a 30 day late that occurred much more recently. What type of data it is also has a weight: how payments were handled in the past (most heaviest weight-35%), credit utilization (next heaviest-30%), length of credit history (third most significant-15%), types of credit in use (least significant-10%) and number of new credit queries (equally least significant-10%).

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