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What makes up my credit score?

Credit scores are used by creditors to measure the 'risk factor' of a consumer who is applying for a loan or credit line. The credit score was out in place to reflect the financial responsibility of a consumer, through past and present credit use. Creditors use the score to 'predict' how a consumer will treat their potential financial obligation.

1. Payment History - 35%
2. Amount Owed - 30%
3. Length of Credit History - 15%
4. New Credit - 10%
5. Types of Credit in Use - 10%

As a 'snapshot' of your financial history, your credit report is essentially your 'financial fingerprint' and contains information that can be grouped into the five categories listed below.

While we have the above information we still do not know the specific formula to calculate credit scores. The credit score algorithm is closely
guarded by its originator: Fair Isaac Co. (also known as FICO).


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