Get Your FICO Score for Free
So, what is a FICO Score? It’s a number that is formulated based on your credit history helping lenders evaluate your credit risk. Your FICO Score is used to determine credit offers and interest rates — and now it’s free for you to view.
A FICO Score is the factor used to determine your mortgage rates, car loans and credit card terms. 90% of the largest banks use your “FICO Credit Score” for credit decisions and can make a significant difference when paying off a $5,000 credit card balance 5 years sooner with a FICO Score of 740 than with a FICO Score of 620 when you make the minimum payments.
FICO Scores are calculated from a lot of different credit data in your credit report. This data is grouped into five categories as outlined below.
1. Payment History
- Account payment information on specific types of accounts (credit cards, retail accounts, installment loans, finance company accounts, mortgage, etc.)
- Presence of adverse public records (bankruptcy, judgements, suits, liens, wage attachments, etc.), collection items, and/or delinquency (past due items)
- Severity of delinquency (how long past due)
- Amount past due on delinquent accounts or collection items
- Time since (recently of) past due items (delinquency), adverse public records (if any), or collection items (if any)
- Number of past due items on file
- Number of accounts paid as agreed
2. Amounts Owed
- Amount owing on accounts
- Amount owing on specific types of accounts
- Lack of a specific type of balance, in some cases
- Number of accounts with balances
- Proportion of credit lines used (proportion of balances to total credit limits on certain types of revolving accounts)
- Proportion of installment loan amounts still owing (proportion of balance to original loan amount on certain types of installment loans)
3. Length of Credit History
- Time since accounts opened
- Time since accounts opened, by specific type of account
- Time since account activity
4. New Credit
- Number of recently opened accounts, and proportion of accounts that are recently opened, by type of account
- Number of recent credit inquiries
- Time since recent account opening(s), by type of account
- Time since credit inquiry(s)
- Re-establishment of positive credit history following past payment problems
5. Types of Credit Used
- Number of (presence, prevalence, and recent information on) various types of accounts (credit cards, retail accounts, installment loans, mortgage, consumer finance accounts, etc.)
Get the details on your credit score, how to monitor it and learn the positive and negative influences affecting your FICO Score.
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