FICO Score 8 Calculator

FICO Score 8 Formula:

\[ Score = 35\%\text{ payment history} + 30\%\text{ utilization} + 15\%\text{ credit age} + 10\%\text{ new credit} + 10\%\text{ credit mix} \]

Payment History (0-100):

Credit Utilization (0-100):

Credit Age (0-100):

New Credit (0-100):

Credit Mix (0-100):

Estimated FICO Score 8:

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1. What is FICO Score 8?

FICO Score 8 is the most widely used credit scoring model in the United States. It evaluates credit risk based on five key factors: payment history, credit utilization, credit age, new credit, and credit mix. Scores range from 300 to 850, with higher scores indicating better creditworthiness.

2. How Does the Calculator Work?

The calculator uses the FICO Score 8 weighting formula:

\[ Score = 35\%\text{ payment history} + 30\%\text{ utilization} + 15\%\text{ credit age} + 10\%\text{ new credit} + 10\%\text{ credit mix} \]

Where:

Payment History (35%) - Record of on-time payments and delinquencies
Credit Utilization (30%) - Ratio of credit used to credit available
Credit Age (15%) - Length of credit history
New Credit (10%) - Recent credit inquiries and accounts
Credit Mix (10%) - Variety of credit types (cards, loans, etc.)

Explanation: The calculator converts your percentage scores in each category to an estimated FICO Score 8 between 300-850.

3. Importance of FICO Score

Details: Your FICO Score affects loan approvals, interest rates, credit limits, and even rental applications. Higher scores can save thousands in interest over time.

4. Using the Calculator

Tips: For each category, estimate your standing (0-100%). 100% represents perfect in that category. The calculator will combine these with the proper weights to estimate your FICO Score 8.

5. Frequently Asked Questions (FAQ)

Q1: How accurate is this calculator?
A: This provides an estimate based on the standard FICO 8 weighting. Your actual score may vary based on specific credit report details.

Q2: What is a good FICO Score 8?
A: 670-739 is good, 740-799 is very good, and 800+ is exceptional. Below 580 is considered poor.

Q3: How often does FICO Score 8 update?
A: Scores update as credit bureaus receive new information, typically monthly for active accounts.

Q4: Why is payment history weighted so heavily?
A: Past payment behavior is the strongest predictor of future credit risk.

Q5: How can I improve my FICO Score 8?
A: Pay bills on time, keep utilization below 30%, maintain old accounts, limit new credit applications, and have diverse credit types.