Credit Scoring
July 17th, 2010
The US Credit Scoring system is based on many factors affecting a person’s Credit Score. The current average U.S. credit score is 723. Credit scoring is based on all the information in your Credit Report and is a quick credit rating to sum up your overall credit health. The credit score is calculated by looking at:
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your payment history,
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amounts currently payable,
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how long you have had a credit history,
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the type of credit accounts you have,
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how many open accounts you have,
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how many inquiries there are on your account, and
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how new your accounts are.
What is a credit score based on? How is my credit score calculated?
Your credit score or FICO Score is calculated based on the following factors.
| 35% | Payment history |
| 30% | Amount you owe |
| 15% | Length of your credit history |
| 10% | Types of credit used |
| 10% | New credit |
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