So I am new to this thread and just started understanding FICO score and so far this is what I understood about my score. Is this how the total of 850 score calculated?
35% Payments - 297.5 Points
30% Debt - 255 Points
15% History - 127.5 Points
10% credit mix - 85 Points
10% inquiries - 85 Points
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Total - 850 Points
I believe this is how FICO score is calculated overall. Now let's look at my credit score, my score right now is 745. It took me 1 and half years to get here from 533.
96% on-time payments of 35% - 285.6
0% debt (CC paid in full, student loan $2000 left/$32000) - 255 Points
No inquiries - 85 Points
Credit Mix (Yet to try AZEO) - 60 (3 credit cards, 1 student loan, 1 monthly rental payments)
Credit history (oldest account 4.2 years, newest 1 month, average 3.4) - 60 Points
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Total - 745.6
So this is how I think my score has been calculated. The way I look at it, the only way to boost my FICO is by trying AZEO and giving a boost to credit mix by 8-12 points, which will take my score to 753-755.
So basically unless my credit report age, there is nothing I can do but sit and watch. It can take years.
Is my calculation correct or I am missing something?
anyone who has done some research on this topic? |
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