1. What is a FICO Score?

The FICO Score is the most widely used credit score in the United States. Lenders use it to assess credit risk when making lending decisions. Scores range from 300 to 850, with higher scores indicating better creditworthiness.

2. How is the FICO Score Calculated?

The FICO Score is calculated using five main components:

Where:

• Payment History (35%) - Your track record of making payments on time
• Credit Utilization (30%) - The amount of credit you're using compared to your limits
• Credit Age (15%) - The length of your credit history
• New Credit (10%) - Recent credit inquiries and accounts
• Credit Mix (10%) - The variety of credit types you have

3. Importance of Your FICO Score

Details: Your FICO Score affects your ability to get approved for loans and credit cards, the interest rates you'll pay, and can even impact rental applications and employment opportunities.

4. Using the Calculator

Tips: For each category, enter a percentage (0-100) representing how strong you believe that aspect of your credit is. The calculator will estimate your FICO Score based on these inputs.

5. Frequently Asked Questions (FAQ)

Q1: How often is my FICO Score updated?
A: Credit bureaus update your information regularly, but your FICO Score only changes when your credit report data changes.

Q2: What's considered a good FICO Score?
A: Generally, 670-739 is good, 740-799 is very good, and 800+ is exceptional.

Q3: How can I improve my FICO Score?
A: Pay bills on time, keep credit utilization low, avoid opening too many new accounts, and maintain a mix of credit types.

Q4: Why is my FICO Score different from other credit scores?
A: Different scoring models (like VantageScore) use different formulas and may weigh factors differently.

Q5: How long does negative information stay on my report?
A: Most negative information stays for 7 years, bankruptcies for 7-10 years, depending on the type.