Understanding Credit Scores Are A Joke

Financial information about you are compiled from the application you filled out to try to get credit and various other places. Info includes how regular you have been in paying your bills, the number and type of accounts you have secured, payments paid late, collection actions, outstanding debt, how old your accounts are, and additional facts. Using the Fair, Isaac statistical deal or model, lenders match this data to the credit performance of consumers with similar profiles and designate points for every detail that helps them to anticipate which debtor has the most potential to pay back a debt. This is where we get the expression "FICO Score" which signifies a credit score employing the Fair, Isaac Corporation (FICO) model.

Credit information is looked at based upon what type it is and its history. The more current the good or bad facts, the more significant it is to the overall rating. For example, a less recent 90 day late can perhaps be less weighted than something like a 30 day late that happened more recently. The type of data also has a weight: past payment performance (most important weight-35%), amounts owed (next biggest-30%), length of credit history (third most important-15%), types of credit in use (least significant-10%) and number of new credit queries (also least significant-10%).

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