Fico scores range from 300- 850. So you when you subtract the two you have 550 points to play with in terms of your credit score. This is a helpful way at breaking down the importance of each category involved in a credit scoring model.
1. Payment History- 192.5 points- 35% of your credit score- This category includes: Late payments, Judgements, Collections, Chargeoffs.
2. Utilization- 165 points. 30% of your credit score- Revolving accounts, installment loans, credit cards, etc
3. Length of credit: – 82.5 points- 15%- do not close older accounts even if negative this could affect the length of credit for example an account that is 10 years old but a collection and the oldest account that the customer has on file.
4. New Credit- 55 points. 10% of your score
5. Credit Mixture 55 points- 10% of your score- Installments, Mortgage, credit cards etc