The Mystery of Credit Score Calculations

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Big Changes Coming to How This Credit Score Is Calculated. The current system dings those who have high credit utilization ratios. Generally, you want to keep your utilization under 30%. For example, if you have a $10,000 credit limit, you would want to keep your spending under $3,000 a month. Under the old model,

Credit Utilization. Representing 30% of the formula, your credit utilization refers to how much credit you’re using compared to your monthly limits. For example, if you have a credit card balance of $250 and your credit limit is $1,000, you’re utilizing 25% of your available credit.

Just like there are multiple credit bureaus, there are multiple scoring models, but the two most common scoring models used to calculate credit scores are FICO Score and VantageScore. Created in 1956 by the Fair Isaac Corporation to measure consumer credit risk, FICO Score is the oldest credit scoring model.

How Credit Scores Are Calculated If credit score calculations seem mysterious to you, you are not alone. The exact way to calculate credit score is a closely-guarded secret, but Fair Isaac, creator of the FICO score, has released some of the facts that are used to do the math.

Here’s what I did: First, I converted all the Years to months. 5 yrs, 5 mos became 65 months (5 yrs * 12 months in a year = 60, plus 5 more months). I did that for all open accounts, including Credit Cards, Auto Loans and real estate loans. Once everything was in month format, I calculated the mean of all accounts in months.

Credit scores are far from unexplainable, but they are confusing and a bit spooky. For example, I’ve heard repeatedly from friends that they don’t want to get a new credit card because they are nervous about what getting a new card would mean for their credit score. But like a Sherlock mystery, credit scores are a puzzle that can be solved.

The credit score calculation typically includes both how long your oldest and most recent accounts have been open. In general, creditors like to see that you’ve been able to properly handle credit accounts over a period of time. Public Records: ~10%.

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