FICO score percentage
Date: Tue, 12/28/2010 - 00:55
The FICO credit scores range from 300 to 850. You are required t
The FICO credit scores range from 300 to 850. You are required to have a high credit score if you wish to get credit at the lowest interest rates. According to the lenders, the higher your credit score, the high your chance of paying back the loan. The FICO scores are determined on the basis of various factors. These include amounts owed (30%), payment history (35%), length of credit history (15%), new credit (10%) and types of credit used (10%).
All the factors have been rightly mentioned in the previous post
All the factors have been rightly mentioned in the previous post and it offers an overview of the calculation. How each of these factors will apply with the others is a matter of complexity. The formula is not shared with the public.
