A credit score chart is a good way of learning how FICO scores are determined and which factors weigh heavily on their rankings.
When it comes to FICO’s methodology in determining scores, this chart gives an overview of areas lenders are most concerned about:
- Accounts Owed: Refers to how much debt you’re carrying. Lenders prefer those with a low debt-to-income ratio. It’s best not to carry balances over 30% of the max credit you have available to you.
- New Credit: Applying for new credit often can be a negative factor on your score.
- Length of Credit History: The longer your credit history (timely payments, low balances), the higher your score.
- Credit Mix: Having a mixture of loans and lines of credit (auto, mortgage, etc) shows you can handle debt as long as you keep up with payments.
- Payment History: If you’ve missed payments, they want to know how much and how often.
In addition to this chart, every so often FICO will publish a credit score chart that reveals new trends with consumer scores.
For instance, “what percentage of consumers with a 650 credit score will become delinquent on an account?” Or even “what age group has the better credit rating?”
Below you’ll find content that contain a specific credit score chart that depicts certain aspects of data they’ve collected.