The FICO score, implemented by the Fair Isaac Corporation, is the score lenders use in analyzing your credit history for most credit products. The 
score is reported from the three major national credit reporting bureau: Experian, TransUnion, and Equifax. The credit scores analyze the credit related information on the credit reports. Each bureau varies in their calculation. Below is a basic breakdown for the FICO analysis of your credit history.
The percentages are not exact, but close estimates to the way a FICO score is analyzed.
1. 35% – Your payment history: Have you paid yoru credit accounts one time? Late payments, bankruptcies and other negative items can hurt your credit score. But a solid record of on-time payments helps your score.
2. 30% – How much you owe: FICO scores look at the amounts you owe on all your accounts, the number of accounts with balances, and how much your available credit you are using. The more you owe compared to your credit limit, the lower your score will be – this is considered credit utilization.
3. 15% – Length of credit history: A longer credit history will increase your score. However, you can get a high score with a short credit history if the rest of your credit report shows responsible credit management.
4. 10% – New credit: If you have recently opened or applied for new credit accounts, your credit score will weigh this fact agains the rest of your credit history. FICO scores distinguish between a search for a single loan and a search for many new credit lines, in part by the length of time over which inquiries occur. If you need a loan, do your shopping within a focused period of time, such as two weeks or 30 days, to avoid lowering your FICO score.
5. 10% – Miscellaneous factors: Several minor factors also can influence your score. For example, having a variety of credit types on your credit report – auto loans, mortgages, credit cards, personal lines of credit – is normal for someone with longer credit histories and can add slightly to their scores.
Credit scores are an important part of your financial foundation. If you have questions about your credit or need to obtain some useful resources please don’t hesitate to call or email conrad(at)conradventi(dot)com.
For more information about your FICO visit – www.fairisaac.com