The 5 Categories that Make up Your FICO Credit Score – Daily Insurance Scoop

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The 5 Categories that Make up Your FICO Credit Score

The 5 Categories that Make up Your FICO Credit Score

FICO credit scores are comprised of five categories different categories. Keeping these in mind can help you work toward a higher credit score.

Payment history: Paying your bills on time is the surest way to keep your credit score high.
Amounts owed: This actually isn’t the amount of debt you owe, but rather how much debt you owe relative to your available credit or original loan balances.
Length of credit history: Multiple pieces are taken into account here, including the age of your oldest account, average age of your credit accounts, and ages of individual accounts.
Mix of credit accounts: A mixture of different loans and debt obligations makes your credit score look healthier.
New credit: This takes into account how often you’ve applied for credit within the prior year as well as any accounts that are considered “new.”

Image via MyBankTracker.

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By clicking submit, I authorize Daily Insurance Scoop and its affiliated companies to: (1) use, sell, and share my information for marketing purposes, including cross-context behavioral advertising, as described in our Terms of Service and Privacy Policy, (2) supplement the information that I provide with additional information lawfully obtained from other sources, like demographic data from public sources, interests inferred from web page views, or other data relevant to what might interest me, like past purchase or location data, (3) contact me or enable others to contact me by email with offers for goods and services from any category at the email address provided, and (4) retain my information while I am engaging with marketing messages that I receive and for a reasonable amount of time thereafter. I understand I can opt out at any time through an email that I receive, or by clicking here