Your score is not stored anywhere. It is calculated on request from the data in a credit report held by Equifax, Experian or TransUnion. Because the three reports are not identical, and because lenders use different scoring models and versions, it is normal to have several different scores at the same time.
The five FICO factors
FICO publishes the approximate importance of each category for the general population:
| Factor | Approx. weight | What it looks at |
|---|---|---|
| Payment history | 35% | Late payments, collections, charge-offs, bankruptcies — and how recent they are. |
| Amounts owed | 30% | Balances, and especially how much of your card limits you use (utilization). |
| Length of credit history | 15% | Age of your oldest and newest accounts and the average age. |
| New credit | 10% | Recently opened accounts and recent hard inquiries. |
| Credit mix | 10% | Whether you have handled both revolving credit (cards) and installment loans. |
The weights are a guide, not a fixed recipe. For someone with a short history, for example, the model leans on different signals than for someone with twenty years of accounts.
Payment history
A payment is generally reported as late once it is 30 days past due. Later stages — 60, 90, 120 days — hurt more. A late payment can stay on your report for seven years, but its effect fades: one 30-day late from four years ago matters far less than one from last month.
Utilization
Utilization is your card balances divided by your card limits, both overall and per card. A common rule of thumb is to stay under 30%; people with the highest scores tend to be in the single digits. Utilization has no memory in most models: pay the balances down and the next report reflects it.
Length of history
Older accounts help. That is why closing your oldest card can backfire: it removes available credit right away, and when it eventually falls off the report it can shorten your history as well.
New credit and inquiries
When a lender checks your credit because you applied, it is a hard inquiry. Hard inquiries stay on the report for two years, but FICO only counts them for the first twelve months, and one inquiry usually moves the score by just a few points. When you rate-shop for a mortgage, car loan or student loan, inquiries for the same type of loan within a short window (14 to 45 days, depending on the model version) are counted as one.
Checking your own credit, pre-approval offers and account reviews by your existing lenders are soft inquiries and never affect a score.
Credit mix
Having handled both a card and an installment loan helps a little. It is the smallest factor; taking out a loan only to improve your mix is rarely worth the interest.
What scores never use
Credit scores do not consider your income, savings, employer, age, race, religion, national origin, sex or marital status. Federal law prohibits lenders from using the protected characteristics in credit decisions, and income is simply not in the report. Rent and utility payments are only counted if they are reported to the bureaus, which most landlords and utilities do not do automatically.
How VantageScore differs
VantageScore uses the same raw material but different weights and labels. It can score people with a thinner history than FICO, and versions 3.0 and 4.0 ignore paid collections. Lenders choose which model they use; for most mortgages, older FICO versions are still the standard.
Factor weights are published by FICO for the general population and differ for individuals. This page is general information and is not financial advice.