02/15/2022
CREDIT POST
🚨This is how your FICO scores are broken down
🚨FICO breakdown your payment history and credit card utilization combined are 65% of your score. If you don’t have a credit card you lose 165 points!
FICO SCORE POINT BREAKDOWN👇🏾
FICO Scores range from 300-850. There are 550 points that you have control over. FICO is broken down into 5 categories & within those 5 categories, each section is worth up to a certain amount of points.
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Payment History:192 points possible - 35%
Payment history is, of course, the biggest factor in your credit profile. It is worth up to 192.5 points total. This means you would need to have at least a 100% payment history for more than 12 consecutive months to earn all 192.5 points in this category.
• If you have a 97%-99% Payment history, you are likely earning around 150+ points.
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Credit Utilization: 165 points possible - 30%
Credit utilization is worth up to 165 points. This number is calculated based on the overall utilization you are reporting among all of your open credit cards.
• To earn all 165 points in this category, you need to report a utilization between 1-3% consecutive for over 6 months.
• If you do not have an open/active credit card, you will not gain A single point in this category.
• Utilization over 30 will cut these points nearly in half.
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Credit Age: 82.5 points possible - 15%
Your credit age is the average age your accounts have been opened. This means anytime you close an account, get an account deleted, open a new account, you will lose credit age. The older an account is when deleted, the more points you will lose in this category.
• It is believed you gain all 82.5 points with an average credit age of at least 12+ years. (This is why most young adults will not have an 800+ credit score without being an authorized user on a seasoned account)
• This section is also why your credit score can and most likely will decrease as you are repairing it and getting those deletions. (It is expected)
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Inquiries: 55 points possible - 10%
Inquiries have little effect on you score-wise. Each hard inquiry will affect this section; soft inquiries do not affect this section.
• More than 3 inquiries will forfeit more than half of these 55 points.
• Because this section is only worth 55 points, it is completely possible to still have great credit with the presence of inquiries.
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Credit Mix: 55 points possible - 10%
The mixture of account types is what affects this section. So if you only have 1-2 account types, you will likely lose the majority of the points. Lenders like consumers to display responsibilities from different types of accounts.
