Why do "Credit Group" factors influence my Credit Score?
Date: Mon, 07/13/2009 - 08:53
While I am not overly concerned, Equifax recently advised my credit score declined from 816 to 780, based on recent economic factors affecting my "credit group". Why is my PERSONAL score affected by recent credit cirrcumstances affecting a group?
I found this info on myfico . com . This should better explain h
I found this info on myfico . com . This should better explain how your FICO score is calculated.
Quote:
* FICO?? scores are your credit rating * They range from 300-850, higher is better * Most lenders base approval on them * Higher scores mean lower interest rates * FICO?? scores are calculated based on your rating in five general categories: Components of the FICO?? score o Payment history - 35% o Amounts owed - 30% o Length of credit history - 15% o New credit - 10% o Types of credit used - 10% |
Wow! 816! 780 is STILL EXCELLENT. I wouldn't fret too much.
Wow! 816! 780 is STILL EXCELLENT. I wouldn't fret too much.
"Credit Group" affecting score? Did you recently get new credit or did you utilization change so your debt to equity is higher (did you spend more on your credit card)? Not exactly sure what you mean by "Credit Group."
Submitted by desperatelyseekingsanity on Mon, 07/13/2009 - 12:16
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