Your credit score is calculated based on different factors such as credit history, utilization, and more. You may have multiple credit scores and they may not be the same depending on the scoring model, the credit bureau that has reported the numbers, and more. The two main scoring models used by most lenders are FICO® and VantageScore®. Both of them calculate your credit score on a scale of 300-850, but their individual categories vary slightly. Here is a comparison of both scoring factors
FICO weighs its factors by percentage while VantageScore weighs its factors based on how influential they are likely to be.
These are the different factors FICO looks at to calculate your score:
Payment history: 35%
Amounts owed: 30%
Length of credit history: 15%
Credit mix: 10%
New credit: 10%
These are the different factors VantageScore looks at to calculate your score:
Total credit usage, balance, and available credit: Extremely influential
Credit mix and experience: Highly influential
Payment history: Moderately influential
Age of credit history: Less influential
New accounts opened: Less influential
Neither FICO nor VantageScore considers your age, gender, religion, location, marital status, salary, or soft inquiries to determine your credit scores. But lenders may look at your salaries to determine your credit or loan approval.
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