Fusilier Financial Services

YOUR FICO SCORE INCLUDES 5 CATEGORIES

Payment History: 35%
This section will factor in all on-time and missed payments of every account on your credit report that includes a payment history. This means both opened & closed accounts.
Because it has the greatest impact on your credit score, you can lose 50-100 points for EVERY late payment! Payment History will affect your credit profile for the entire time the account reports on your credit profile.

Credit Utilization: 30%
Credit cards make up 30% of your FICO score. Your utilization is very important, so when you have high usage on your credit cards you are heavily affecting this section of your credit profile.

Credit Age: 15%
The "Credit Age" means how long any given account has been reported open on your credit profile. The FICO score algorithms calculate the average amount of time in how long all your accounts have been open. This means that any time you close an account, get it deleted or even open a new account, you are affecting this section.

Inquiries: 10%
Anytime someone pulls your credit report, and it results in a HARD inquiry, it will affect this section. You can lose anywhere from 1-5 points every time you receive an inquiry.
Inquiries will stay on your credit report for 2 years; however, it will only affect your credit score for 12 months.
Soft inquiries do not have an impact.

Credit Mix: 10%
Your credit mix is a display of "different" types of credit. This means lenders want to see you have experience with multiple account types to assess your credit risk.