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Re: Credit Score ?


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Posted by anon (64.12.105.56) on May 30, 2002 at 22:48:12:

In Reply to: Credit Score ? posted by Jeanyjo on May 30, 2002 at 18:39:31:

Credit score weighting: The following items affect credit score:
Payment history is 35% of score. This topic covers the number and severity of late payments.
Balance owed is 30% of score. This means that if you borrow more than 50% or especially if using more than 75% of your total line of credit you will hurt your fico score.
Credit history is 15% of score. This topic concerns number of years that you have had various credit cards, etc. and is not the same concept as the number of late payments. Having lots of cards with only a few months history is bad, having several cards with five year history for each one is good.
Credit mix is 10% of score. This covers what percentage of your credit is with revolving debt (credit cards) as compared to installment loans.
Credit inquires is 10% of the score: This topic covers how frequently do you have your credit checked per 12 month period.



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