While the exact criteria used by each scoring model varies, here are the most common factors that affect your credit scores.

• Payment history.
• Amounts owed.
• Credit history length.
• Credit mix.
• New credit.

  What are the key factors contained within the credit scores?

  FICO Scores are calculated using many different pieces of credit data in your credit report. This data is grouped into five categories: payment history (35%), amounts owed (30%), length of credit history (15%), new credit (10%) and credit mix (10%).

  What are the top three factors used to calculate your credit score Please provide a definition of each?

  A credit score is a number between 300–850 that depicts a consumer’s creditworthiness. The higher the score, the better a borrower looks to potential lenders. A credit score is based on credit history: number of open accounts, total levels of debt, and repayment history, and other factors.

  What are the factors that credit agencies look to to determine credit scores?

  Credit scoring models generally look at how late your payments were, how much was owed, and how recently and how often you missed a payment. Your credit history will also detail how many of your credit accounts have been delinquent in relation to all of your accounts on file.

  Where do credit bureaus get their information from?

  Credit bureaus collect all the information that appears in your credit report from banks, card issuers, and other creditors, which voluntarily report your payment information. But even though credit bureaus store financial data on millions of consumers, they might not keep as much data as you think.

  Where does the information for a credit score come from?

  Your credit score is made up from information about your borrowing history. Most of the information comes from your credit reports. What Is a Credit Report? Credit reports are a collection of information, including: Your payment history—have you made late payments, or are you always on time? Any loans in default or in collections.

  How are credit reports used to determine creditworthiness?

  Information from these reports helps lenders evaluate the borrower’s credit risk. For example, FICO uses the information found on a consumer’s credit report to create a credit score, a tool lenders use for a quick snapshot of creditworthiness before looking at credit reports.

  What kind of information is included in a credit report?

  Credit reporting agencies collect all of the information that appears in your credit report. They are information warehouses, but they might not keep as much data as you think. For example, your annual income is not part of your basic credit report.