Urban Legends about FICO Score…

or the Truth about Credit.

"FICO"  stand for Fair Isaac and Company. Information is provided by 3 major credit reporting agencies:

• Equifax
• Experian
• Transunion.

What makes up a "FICO" score? 

• 35% is payment history.
• 30% is Amounts owed.
• 15% Length of Credit history.
• 10% NEw Credit.
• 10% type of credits used.

Where do most people stand in the FICO scores?

Most people  28% are in the 750 to 799 FICO score range. 19% are in 700 to 749. 16% 650-699. 12% 600-649.11% 800+. 8% 550-599. 5% 500-549. 1% up to 499.

Did you know that…?

The average number of credit obligations  is 11?

Fewer than 4 out of 10 have ever had a 30 or more days late?

Only 2 out of 10 have ever had a 60 or more days late?

48% carry balances less than $1,000?

22% carry balances between $1,000 & $10,000?

and that 30% carry more than $10,000 of NON-mortgage related debt? (pretty sad statistics)

Just thought you’d like to know some interesting money matters stuff.