Scoring Model Breakdown Guide For Credit Reporting Agencies

Scoring Model Breakdown Guide For Credit Reporting Agencies

1) 35% = payment history (i.e. on time pays or delinquencies). More weight is based on current pay history. For example, 40% of credit weight consists of payment history over the past 12 months, 30% for 13-24 months, 20% for 25-36 months, and 10% in excess of 36 months.
2) 30% = Credit capacity. For example, your credit score will be higher the lower your debt level is compared to available credit.
3) 15% = Length of credit.  The more years with credit, the better.
4) 10% = Accumulation of debt in the last 12-18 months, especially the number of inquiries made and opening dates.
5) 10% = Credit mix.  For example, installment (secured) debt helps your score while revolving (unsecured) debt hurts your score. Also, the more finance company loans, the worse the score.
Source: ICEFCU


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