Everything You Always Wanted To Know About Credit Scores What Does 712 Mean

Financial data concerning you is collected from the application you filled out to try to get credit and other places. Info includes how regular you have been with paying your bills, the number and type of accounts you have, missing payment due dates, collection actions, debt outstanding, how old your accounts are, and other facts. Resulting from the Fair Isaac statistical program or model, lenders compare this information to the credit activities of consumers with similar profiles and assign points for each factor that assists in foretelling who is it most plausible for them to pay back the amount that they owe. This is where we get the expression "FICO Score" which means a credit score using the Fair Isaac Corporation (FICO) formula.

Credit data is weighed according to its type and how old it is. The more recent the particular data, the more significant it is to the overall score. For example, something that was late by 90 days a while ago may be not as significant as a more recent 30 day late. The data type is also weighted: payment history (most significant-35%), amounts owed (next heaviest-30%), length of credit history (third heaviest weight-15%), types of credit used (least weighted-10%) and number of new credit queries (also least weighted-10%).

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