The formula used to calculate your FICO score includes information based on several factors:
- 35% on your payment history
- 30% on the amount you currently owe lenders
- 15% on the length of your credit history
- 10% on the number of new credit accounts you’ve opened or applied for (fewer is better)
- 10% on the mix of credit accounts you have (mortgages, credit cards, installment loans, etc.)