Form - Score My Credit
Score My Credit Pluses How long have you been establishing credit? Time in File is the base of every credit decision because it shows how long you have a proven track record. Its like building a reputation, it takes time.
My Points
Minuses
Earn 25 points for every year you have established credit +________ Subtract 25 points for every credit account opened in 2015 -_______ Subtract 15 points for every credit account opened in 2014 -_______ Subtract 10 points for every credit account opened in 2013 -_______ total ________ Earn 10 points for every account paid as agreed
Payment history is 35% of your score. A perfect payment history is expected.
New credit is 10% of your overall credit score. The newer it is, the more it affects your score.
+_______
Subtract 25 points for each account with past-due payments in 2015 -_______ Subtract 10 points for each account with past-due payments in 2014 -_______
Past due payments heavily affect your score, especially if it is within the last 24 months.
Subtract 5 points for each account with past-due payments in 2013 -_______ Subtract 50 points for Bankruptcy since 2013 Subtract 30 points for Bankruptcy before 2013
-_______ -_______
Subtract 25 points for any un-paid judgments/liens Subtract 20 points for any paid judgments/liens
-_______ -_______
Subtract 15 points for any un-paid non-medical Collections -_______ Subtract 10 points for any paid non-medical Collections -_______ total ________ Utilization or the amount you owe composes a third of your credit score. Try to stay under half of your limit on each account, exceeding 30% of your limit will actually detract from your score.
Earn 25 points for every account that is under half the limit +_______ Subtract 50 points for every credit account over the limit
-_______
Subtract 25 points for every account within $500 of the limit -_______ Subtract 15 points for every account over half the limit
-_______
total ________
The closer you are to your limit or your original loan amount, the more your score is impacted. To a lender, you might be one emergency away from being overextended.
10% of your score is measuring your experience with different types of credit used.
Earn 25 points if you have current Revolving and Installment credit history +_______ Earn 10 points if you have only current Revolving credit history +_______
You will lose points if you don’t show you can manage both installment and revolving obligations.
Earn 10 points if you have only current Installment credit history +_______ total ________ Limit hard credit inquiries. Some inquiries are grouped and count as one if within a limited timeframe. Soft inquiries or your own inquiries do not count.
Earn 25 points if you have less than 10 hard inquiries
+_______
Subtract 10 points if you have 10-15 hard inquiries
-_______
Subtract 15 points if you have 16-20 hard inquiries
-_______
Subtract 20 points if you have 21 or more hard inquiries
-_______
Excessive inquiries are considered a risk factor, lenders wonder why you are trying to establish so much new credit?
total ________
Disclaimer: This is not a true credit score model; it serves to simply illustrate how financial behaviors factor into scores.
What’s in your FICO® score http://www.myfico.com/crediteducation/WhatsInYourScore.aspx FICO Scores are calculated from a lot of different credit data in your credit report. This data can be grouped into five categories as outlined below. The percentages in the chart reflect how important each of the categories is in determining your FICO score.
These percentages are based on the importance of the five categories for the general population. For particular groups for example, people who have not been using credit long - the importance of these categories may be somewhat different. FICO Credit scores range from about 300 to 850. Most scores fall between 600 and 800, with the average about 723. The higher your score is, the better your chances are of getting a loan. Your score is also a factor in what your repayment rate will be and how much you can borrow.
My Points
Minuses
Earn 25 points for every year you have established credit +________ Subtract 25 points for every credit account opened in 2015 -_______ Subtract 15 points for every credit account opened in 2014 -_______ Subtract 10 points for every credit account opened in 2013 -_______ total ________ Earn 10 points for every account paid as agreed
Payment history is 35% of your score. A perfect payment history is expected.
New credit is 10% of your overall credit score. The newer it is, the more it affects your score.
+_______
Subtract 25 points for each account with past-due payments in 2015 -_______ Subtract 10 points for each account with past-due payments in 2014 -_______
Past due payments heavily affect your score, especially if it is within the last 24 months.
Subtract 5 points for each account with past-due payments in 2013 -_______ Subtract 50 points for Bankruptcy since 2013 Subtract 30 points for Bankruptcy before 2013
-_______ -_______
Subtract 25 points for any un-paid judgments/liens Subtract 20 points for any paid judgments/liens
-_______ -_______
Subtract 15 points for any un-paid non-medical Collections -_______ Subtract 10 points for any paid non-medical Collections -_______ total ________ Utilization or the amount you owe composes a third of your credit score. Try to stay under half of your limit on each account, exceeding 30% of your limit will actually detract from your score.
Earn 25 points for every account that is under half the limit +_______ Subtract 50 points for every credit account over the limit
-_______
Subtract 25 points for every account within $500 of the limit -_______ Subtract 15 points for every account over half the limit
-_______
total ________
The closer you are to your limit or your original loan amount, the more your score is impacted. To a lender, you might be one emergency away from being overextended.
10% of your score is measuring your experience with different types of credit used.
Earn 25 points if you have current Revolving and Installment credit history +_______ Earn 10 points if you have only current Revolving credit history +_______
You will lose points if you don’t show you can manage both installment and revolving obligations.
Earn 10 points if you have only current Installment credit history +_______ total ________ Limit hard credit inquiries. Some inquiries are grouped and count as one if within a limited timeframe. Soft inquiries or your own inquiries do not count.
Earn 25 points if you have less than 10 hard inquiries
+_______
Subtract 10 points if you have 10-15 hard inquiries
-_______
Subtract 15 points if you have 16-20 hard inquiries
-_______
Subtract 20 points if you have 21 or more hard inquiries
-_______
Excessive inquiries are considered a risk factor, lenders wonder why you are trying to establish so much new credit?
total ________
Disclaimer: This is not a true credit score model; it serves to simply illustrate how financial behaviors factor into scores.
What’s in your FICO® score http://www.myfico.com/crediteducation/WhatsInYourScore.aspx FICO Scores are calculated from a lot of different credit data in your credit report. This data can be grouped into five categories as outlined below. The percentages in the chart reflect how important each of the categories is in determining your FICO score.
These percentages are based on the importance of the five categories for the general population. For particular groups for example, people who have not been using credit long - the importance of these categories may be somewhat different. FICO Credit scores range from about 300 to 850. Most scores fall between 600 and 800, with the average about 723. The higher your score is, the better your chances are of getting a loan. Your score is also a factor in what your repayment rate will be and how much you can borrow.
