Randy Padawer - Lexington Law Consumer AvocateWhen Fair Isaac, FICO, the company that created the most widely credit score– in fact, the secret between us is that there is no other credit score that’s used widely by lenders, not even the new Vantagescore that’s being promoted by the bureaus, we’ll leave that as a sidebar.

But when Fair Isaac is talking about the five factors that go into your credit score, they’re essentially talking about these.

5 Factors of Your FICO Credit Score:

Fico Score Chart Factors

  • 35% is payment history, how well you’ve met your obligations
  • 30% is your utilization ratio
  • 15% is your length of credit history, which is to say how long you’ve had credit.

So guys like me who’ve had credit since 1984, I get bonus points! But if youre somebody that’s just come out of college, you don’t have a leg up in that factor. That’s okay, because with any luck, you’re going to get old like me one day, and one of the rewards is extra credit score points for that factor. That’s 15% of your credit score.

  • 10% is new credit. 10% is about whether you’ve applied for no credit– by the way, you’re debited points for that.
  • And the last 10% is your credit mix. You have a mortgage, a car loan, and credit cards or do you only have credit cards? If you have a better credit mix, you’re going to have a better credit score.

Do you need help with your credit score? Call a Lexington Paralegal and get a free consultation on your credit report and what Lexington Law can do to help. Call: 1 (855) 255-0492

Find out more about Lexington Law.