What's In Your Credit Score

Each credit bureau, Equifax, Experian, and TransUnion, uses a different and proprietary method of calculating your credit score.  In addition, each bureau will likely have slightly different information regarding your credit history.  This why, when checking your three credit scores, you will find a significant spread between the highest and lowest score.

Although each bureau uses a different method to calculate your score, they tend to group your credit information into the same five categories as outlined below.  The percentages in the chart reflect how important each of the categories is in determining your score.

Payment History

• Payment information on specific types of accounts (credit cards, auto loans, mortgages, etc.)
• Presence of negative public records (bankruptcy, judgments, liens, etc.)
• Seriousness of payment delinquency (past due items)
• Amount due on collections or delinquent accounts
• Recency of late payments, negative public records, or collections
• Number of past due items on file
• Number of accounts paid on time

Amounts Owed

• Balance on accounts
• Balance on specific types of accounts
• Lack of a specific type of balance, in some cases
• Number of accounts with balances
• Proportion of balances to total credit limits on certain types of revolving accounts
• Proportion of installment loan amounts still owing

Length Of Credit History

• Time since accounts were originally opened
• Time since last account activity

New Credit

• Number of recently opened accounts, and proportion of accounts that are recently opened
• Number of recent credit inquiries
• Time since recent account openings
• Time since recent credit inquiries
• Re-establishment of positive credit history following past payment problems

Types of Credit Used

• Number of various types of accounts (credit cards, installment loans, mortgages, etc.)