1. What is a FICO Score?

The FICO Score is the most widely used credit score in the United States, ranging from 300 to 850. It's calculated based on five factors: payment history (35%), amounts owed/utilization (30%), length of credit history (15%), new credit (10%), and credit mix (10%).

2. How Does the Calculator Work?

The calculator uses the standard FICO score weighting formula:

Where each component is rated on a 0-100% scale and then scaled to the 300-850 range.

Explanation: The calculator takes your self-assessment of each credit factor, applies the standard weights, and converts to the standard FICO range.

3. Importance of FICO Score

Details: Your FICO score affects your ability to get loans, credit cards, and favorable interest rates. Higher scores (700+) generally mean better financial opportunities.

4. Using the Calculator

Tips: For each category, estimate how well you're doing (0-100%). Be honest - payment history is most important, followed by credit utilization.

5. Frequently Asked Questions (FAQ)

Q1: How accurate is this calculator?
A: This provides an estimate based on your self-assessment. Your actual FICO score may differ based on credit bureau data.

Q2: What is considered a good FICO score?
A: 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 below 30%, maintain old accounts, and avoid opening too many new accounts.

Q4: How often does my FICO score change?
A: It can change whenever your credit report data changes, typically monthly as creditors report.

Q5: Why is payment history most important?
A: Lenders want to see that you reliably pay debts as agreed - past behavior predicts future behavior.