The Five Components of Your FICO Credit Score

Your credit score, also often referred to as a FICO score, is a three-digit number that is designed to gauge your creditworthiness. Lenders use it to assign interest rates on things such as auto loans, mortgages and credit cards, among other borrowings. The score, called FICO, ranges from 300-850 and is calculated by Fair Isaac Corp. using information from the three major credit reporting agencies: Equifax Inc., Experian, and TransUnion. On 12/31/08, the Wall Street Journal reported that Fair Isaac states that a credit score is made up of five components: * 35% reflects payment history: whether or not you...

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