How is a FICO credit score calculated?
A)Payment history accounts for about 35% of the credit score,amount owed accounts for 30%,length of credit history accounts for 15%,new credit accounts for about 10%,and types of credit in use accounts for about 10%.
B)A FICO credit score is calculated solely on payment history.
C)50% of a FICO score is determined by how much is owed and 50% is determined by payment history.
D)25% is determined by payment history,20% is determined by how much is owed,25% is determined by length of credit history,and 25% is determined by types of credit in use.

Question

Quizplus · Accepted Answer

Payment history, amount owed, length of credit history, new credit, and types of credit in use are all factors that contribute to the calculation of a FICO credit score. Payment history is the most significant factor at 35%, followed by amount owed at 30%, length of credit history at 15%, new credit at 10%, and types of credit in use at 10%.

How Is a FICO Credit Score Calculated