Exactly How are Fico Scores Determined? Both TransUnion and Equifax utilize an amount of factors when determining your credit rating.

Exactly How are Fico Scores Determined? Both TransUnion and Equifax utilize an amount of factors when determining your credit rating.

While both of those have actually somewhat different procedures, broadly speaking, the main factors are:

  • Payment History: Missing and belated repayments on your charge card, home loan, etc. will reduce your score.
  • Financial obligation Levels: the quantity you owe (whether for student education loans, credit cards, etc) as well as the amount of time you’ve owed the amount of money shall impact your rating. Utilizing a lot more than 40percent of one’s available credit will even have negative impact.