Saturday, March 7, 2009

FICO Calculations

I've always heard the FICO score calculation formula was a huge secret but this month's Woman's Day magazine claims to have the breakdown:

35% Payment history
30% How much available credit you're using
15% How long you've had credit
10% How long since your last credit application
10% "On the mix of credit you have and use"

I'm not sure what that last 10% means but their formula adds up to 100% and seems plausible enough. I pulled my FICO score a few months ago and have been wondering about it since.