FICO Scores are calculated using many different pieces of credit data in your credit report. This data is grouped into five categories: Payment History, Credit Utilization, Credit HistoryNew Inquiries and Credit Mixture.

• Payment History (35%): If all payments are made in a timely manner, you are allotted 192.50 in this category

• Credit Utilization (30%): Typically, Consumers should keep their scores under 30% utilization, to maximize a score of 165 points in this category. If you can keep your utilization between 7-10% you will maximize this area.

• Credit History (15%): Your credit report is like a roadmap for lenders. In this area, you can earn 82.50 points if you have a stable length of credit history and are not re-aging your accounts with refinancing.

• New Credit Accounts (10%): You can add 55 points in this area, if you’re not constantly applying or accepting pre-approvals every month.

• Credit Mixture (10%): You are allotted 55 points in the area when there is a healthy mixture of credit reporting on your credit report(s) such as auto, mortgage, credit cards, etc.