![]() The number of accounts where you carry a balance.Whether you are showing a balance on certain types of accounts.The amount owed on all accounts of every type.The number of accounts that show no late payments or are currently paid as agreed.Public record and collection items – reports of events like bankruptcies, foreclosures, wage attachments, liens and judgments.Payment info on credit card accounts retail accounts, like department store credit cards installment loans, such as car or mortgage loans finance company accounts.Whether positive or negative, the importance of any singular factor depends on the information in your entire credit report. Older credit problems count for less – Past credit problems on your FICO Score fade as time passes and recent good payment patterns show up.Ī FICO score takes into account five categories of information in a credit report.Credit decisions are fairer – Lenders can only focus on facts related to credit risk and not opinions or biases.Get credit faster – FICO Scores can be delivered almost instantaneously, speeding up credit card and loan approvals.Having a good FICO Score can put you in a better position to qualify for credit or better terms in the future. Addressing some or all of these score factors can help you improve your financial health over time. It also helps you obtain credit based on your actual borrowing and repayment history without consideration of prohibited types of information, such as race or religion.įICO Scores include "score factors" that affect the score. Lenders use the FICO ® Score to estimate your credit risk – how likely you are to pay your credit obligations as agreed. ![]() It summarizes information in your credit report into a three-digit number that lenders can use to assess your credit risk quickly, consistently, objectively and fairly. ![]() A FICO Score is a three-digit number calculated from the credit information on your credit report at a particular point in time. ![]()
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