Ever wonder how your credit score is calculated? Although many companies are can gather your credit history and produce your credit score, there one major kind of credit score most lenders refer and that’s your FICO score. FICO scores range anywhere between 300 – which is really poor and 850 – which is really great. FICO doesn’t state what is considered a good or bad score. It only provides the score.

FICO scores are created and judged by the following:

• Your payment history. This makes up 35% of your score.
• The amount you owe. This makes up 30% of your score.
• Length of credit history. This is about 15% of your score.
• New credit: This makes up about 10% of your score.
• Mixture of credit types: This is 10% of your credit score.