FICO Score Calculation

How do I figure my FICO score?

How do I calculate my FICO score?

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Highlights


  • FICO is the leading credit score used by lenders
  • Know YOUR credit score and FICO score, since lenders will know it
  • Make payments on time and keep balances below 30% of credit limits

The details of credit scoring models used by the major credit bureaus are closely guarded trade secrets, owned by the companies that have developed the scoring models.

The best known and most widely used scoring model, the FICO score, which judges your credit on a scale from 300 to 850, was developed by the Fair Isaac Corp., and is used with slight variations by the three major credit bureaus: TransUnion, Experian, and Equifax. Because the complexity of the statistical analysis used in credit scoring, and the fact that the scoring algorithms are not publicly available, you cannot precisely figure your own credit score. However, Fair Isaac has made public the general criteria it uses in calculating credit score. So based on information in your credit report, you should be able to tell which items in your report are helping or hurting your credit score.

There are five key factors that go into calculating your credit score, with certain items carrying more weight than others. These factors are as follows:

1. Payment history

Payment history counts for approximately 35% of a score. It is the most heavily weighted factor used in calculating your credit score. Consistently paying your bills on time has a positive influence on your score, while late or missed payments will hurt you in this area.

If you have delinquent payments, the older the delinquency the less the negative impact on your score will be. Collection accounts and bankruptcy filings are also taken into consideration when analyzing your payment history.

2. Total debt and total available credit

Total debt and total available credit counts for about 30%. This section looks at how much debt you have compared to the total available credit on your accounts. If all of your accounts are maxed out, you will be considered a poor credit risk, because it appears that you are struggling to pay off the debt you have already incurred.

If your account balances are relatively low compared to your available credit, this part of the risk analysis should help your overall credit score. The score calculation also looks at these two factors independently.

Having too much available credit, whether you have used it or not, could hurt your credit score, as statistical studies have shown that people with excessive amounts of available credit are a higher credit risk. Unfortunately, the bureaus do not define exactly what they consider excessive, so best tip is to use credit conservatively and to keep your debt-to-credit limit ratio low.

3. Length of positive credit history

Length of positive credit history counts for about 15%. The longer you maintain accounts in good standing, the better your score will be. This shows that you are able to make a long-term commitment to a creditor and are consistently responsible about making your payments.

4. Mix of types of credit

Mix of types of credit counts for approximately 10%. Having several different types of credit, such a credit cards, consumer loans, and secured debt, will have a positive influence on your credit score. Having too much of one type of credit can have a negative impact.

5. New credit applications

The number of new credit applications you have recently completed accounts for about 10% of your score. Applying for too much new credit in a short time period makes indicates that you could be credit risk, as you may be desperately trying to keep your head above water. The models make an exception for people who are shopping around for a loan, so if you are simply applying to see who can give you the best rate on a new loan, you need not worry too much about damaging your credit score.

While you cannot calculate your own credit score accurately, you can review your credit report on the five factors named above to get an idea of whether the accounts listed on your credit report are hurting or helping your credit score. You can then take action to improve any potential problems, such as paying down your balances or paying off collection items.

Generally speaking, if you are carrying more than $5,000 in credit card debt or are struggling with credit card or revolving debts, you should solve this problem first. Apply for help with one of Bill’s approved debt help partners.

Items not in a FICO score

Factors such as age, sex, income, and length of employment have no direct affect on your credit score, and are not considered when the bureaus calculate your score. Keep in mind that for most lenders, your credit score is only one aspect, albeit an important one, of your overall "credit worthiness," meaning the creditor's view of your ability to repay a loan.

Your income, for example, is not considered in the calculation of your FICO score, but most lenders will ask what you earn to analyze your ability to repay the loan. Even if you have an 800 FICO score, if your income is only $10,000 per year, a lender will probably not loan you a large sum of money, because despite your exemplary credit habits as measured by your FICO score, the lender can see that you probably cannot afford to repay the loan.

Credit score range: What is a good FICO score?

FICO scores range between 300 and 850, with the average U.S. credit score being 723.

According to Fair Isaac, a credit score above 700 places you in the low credit risk category (perfect or "A" credit), meaning you should qualify for the best interest rates, depending on other factors such as income. A score between 690 and 600 is considered a moderate credit score, and many people say you are "Alt-A" if you are between about 650-680. This means that while you will not receive the best interest rates, you should still be able to borrow at reasonable rates.

A score below 600 generally means that you will be considered a relatively high credit risk, and your interest rates will probably be quite a bit higher than a consumer with a better credit score. A score below 550 is generally considered poor credit; a score this low will likely prevent you from obtaining many loans, and those you can obtain will carry high interest rates and fees.

There are several other scoring models, such as the Vantage Score and the Beacon score, which lenders use when making loan decisions, so the ranges mentioned above are not absolute. However, Fair Isaac is the most common scoring model, so the information I provided should serve a good guide.

How to Improve a FICO Score

Here are five steps to improve a credit rating:

  1. Pay your debts on time. Delinquencies harm a credit score.
  2. Keep revolving lines below 25% utilization. Do not “max out” any loans or cards.
  3. Diversify you credit portfolio. If, for example, you have only a Visa, MasterCard, or Discover card, get a department store credit card or card from a gasoline retailer. Make your payments every month. Leave a small balance every once in a while to show that you are able to handle debt on more than one account.
  4. Keep your oldest credit account active. Remember point number three "Length of positive credit history" discussed above.
  5. Pull your credit report and contest any inaccurate information. Follow the dispute procedure to corrected your credit file. Go to the Bills.com debt self-help center for sample dispute letters. The credit bureaus must follow the rules set forth by Congress in the Fair Credit Reporting Act (FCRA).

If you would like to learn more about credit reports, credit scoring, and what it means to you, I encourage you to explore the wealth of material offered by the Bills.com credit information page.

I hope this information helps you Find. Learn. Save.

Best,

Bill

Bills.com

57 Comments

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  • 35x35
    Feb, 2012
    BRIDGETTE
    I had several negative items removed from my credit. 1) A tax lien that was paid, 2) A credit account that was in collections that was proven not to be my account, 3) A small medical bill that was paid in full. As a result of these then my outstanding balances were also reduced. I did NOT hire a company to remove these charges. My credit scores went down. How is this possible??
    1 Votes

    • 35x35
      Feb, 2012
      Bill
      Four questions for you to help better understand your situation:
      1. Exactly which credit score are you looking at? There are two:
        • FICO (range 300 to 850)
        • Vantage Score (range 501 to 990)
      2. From which credit reporting agency are you getting your scores? There are three:
        • Experian
        • Equifax
        • TransUnion
      3. What was your starting score?
      4. What is your current score?

      One tricky item is the credit reporting agencies call FICO scores different names, even though the scoring software is the same. Here are the brand names we found for a FICO score:

      • Advanced Risk Score
      • Pinnacle
      • Precision
      • Beacon
      • Empirica

      Please reply with your four answers below.

      0 Votes

  • 35x35
    Jan, 2012
    Deb
    I am an authorized user on several of my mother's accounts. Her accounts are very close to maxing out. If I remove myself from these accounts how will this effect my score (I've been on these accounts for several years about 9-10 years)?
    0 Votes

    • 35x35
      Jan, 2012
      Bill
      Authorized user accounts do not necessarily affect your score. How your score will be affected, if you have yourself taken off your Mom's accounts, depends on whether those accounts were affecting your score to start. If they were being counted towards your score, then what else will remain on your report, once those accounts are removed, will be the key to determining your score. You should work to have at least three active tradelines in your own name, that you keep in good standing.
      1 Votes

  • 35x35
    Jan, 2012
    Greg
    It all seems rather arbitrary to me. Though my credit report shows the same information on Equifax, Experian and Trans Union, the three scores routine vary drastically. As an example, as of today, I'm at 779 on Trans Union, 700 on Equifax and a pathetic 683 on Experian. My total credit card debt at the time was $3.00; I guess Experian thought I wasn't good for it. ;)
    0 Votes

    • 35x35
      Jan, 2012
      Bill
      It is not arbitrary, but can appear that way. Each bureau has its own proprietary scoring model that weighs the factors on your report differently. There is usually not such a wide range between bureaus, when they are reporting exactly the same accounts. It is usually due to one bureau reporting some account or public record that is not reported by another bureau.
      1 Votes

    • 35x35
      Jan, 2012
      Greg
      I understand and agree about the fact that one bureau may hold differing information; however, I use a credit monitoring service and checked my file as of the beginning of January, identical info on all. For some reason Experian has always graded me lower, but all one can really do is pay on time and keep an appropriate and healthy balance of open credit accounts. To some degree, like it or not, we are at their mercy.
      0 Votes

  • 35x35
    Dec, 2011
    Le
    We are not legally married however, I am an authorized user on my boyfriend's credit cards and he is filing for bankruptcy. Does his bankruptcy hurt my credit score in anyway or form?
    0 Votes

    • 35x35
      Dec, 2011
      Bill
      Although an authorized user is not liable for the debt, the transactions made on those cards will affect their score. Therefore, a person without a credit score, or a poor credit score can be an authorized user, in order to bolster their score. Naturally, if that account has negative activity, this will adversely affect the authorized user's credit score. You should have yourself removed from the account as soon as possible.
      2 Votes

  • 35x35
    Nov, 2011
    Sherry
    My credit score is mid 600.I tried to refinance my house but they said i was late 1 time and that was to much What are my chances of getting a home equity loan on my house? My husband is self employed and his income has been bad this year and I don't make over $20,000 but I have about $50,000 in equity in my house
    0 Votes

    • 35x35
      Nov, 2011
      Bill
      Credit Score is one important factor in qualifying for a loan, but not the only one. The lender will also look at your debt to income ratio, which may be too high, if your income has dropped. The lender also looks at the value of your home in comparison to the size of the loan you seek. Read Bills.com page about minimum credit score for a loan.

      Also, before applying for a loan, make sure that you have no late payments. The lender will often re-check your credit, to see that you maintain a clean record between the approval of you application and the closing on the loan.
      0 Votes

  • 35x35
    Sep, 2011
    kenny
    i recently tried for a personal loan and was turned down because my fico score was 605 and the credit union told me it needed to be around 640. i do however have bankruptcy on my record about 1 and a half to 2 years ago. My question is if i were to pay off my 3 credit card totaling 1300 dollars how much and how fast would my fico score come up?
    0 Votes

    • 35x35
      Sep, 2011
      Bill
      Probably not increase. The credit score software rewards consistent, on-time payments, and not zero balances. Continue to make more than minimum payments on all of your accounts, and your credit score will improve.
      0 Votes

    • 35x35
      Jan, 2012
      Kevin
      You stated to her that her score would not improve but how is this true when your credit to debt ratio affects your score. I am lacking 50 points from getting my home loan and was informed I could increase this by lowering my credit to debt ratio. I have two card that I used most of the credit on and are hurting my score. So i would say her credit score would improve it paying down or paying off a card or two.
      0 Votes

    • 35x35
      Jan, 2012
      Bill
      You are correct that your credit utilization, the amount of your available credit that you use, affects your credit score. However, one does not need to pay off one's debts in full each month to have good credit utilization. There is no set number, but the general recommendation is to keep your total debt to 30% or less of your available credit line. Of course, because you are being charged interest, you should aim to not carry balances, if possible.
      0 Votes

  • 35x35
    Aug, 2011
    Sandy
    I recently had a derogatory account removed from my credit report and what I want to know is how much will my FICO score increase with the account being removed.
    4 Votes

  • 35x35
    Apr, 2011
    Adrian
    I have two student loans that have been in delinquent status of 180 days back in May 2007. Since then I have never been delinquent on any of my credit payments and have gotten a FICO score of 727 on my Equifax. How long will the student loans hurt my score? Will the delinquent payment reproting drop off after 7.5 years or does it only drop off 7.5 years after the whole loan is paid off?
    0 Votes

    • 35x35
      Apr, 2011
      Bill
      The hiccup you described will be removed from your credit report, by federal law, 7 years from the date of the derogatory event.
      0 Votes

  • 35x35
    Jan, 2011
    David
    i had 6 bills that went to collections that were from 3-5 years ago that had been holding me back from getting a home. I very recently paid all of it off in full and my credit score is 575. I was wondering how long it would be before I saw improvement in credit score? Also how soon would i be able to make a home purchase? would my wives credit 4 debts hold us up?
    0 Votes

    • 35x35
      Jan, 2011
      Bill
      Congratulations on freeing yourself from your delinquent debt! The most difficult part of your journey is over. Well, maybe. It depends on how you feel about waiting.

      You mentioned the negative items on your credit report that were dragging down your credit score are gone. Now you can concentrate on the positive actions that boost a credit score.
      1. Continue to pay your accounts on time
      2. Diversify your credit portfolio. If you have no credit cards, get a secured credit card pay it on time.
      3. Keep your oldest account open
      4. Avoid shopping for car loan or mortgage until your score recovers
      5. If you have any current account balances, pay them off to lower your credit utilization ratio

      If you can afford a mortgage yourself, then do not include your spouse on the credit application. If your spouse has a low credit score, that will have a negative impact on your application.

      Regarding timing, that is very difficult for anyone to answer without knowing more about any tradelines (credit accounts) you have active, your credit utilization ratio, and how consistent you are in paying your tradelines on time. A person practicing good credit hygiene with several active tradelines will see a faster recovery than a person with one tradeline making occasional late payments.

      0 Votes

  • 35x35
    Jan, 2011
    Larry
    How different are the Fico scores from Beacon scores or this new Vantage credit score? Do I need to care about all three?
    0 Votes

    • 35x35
      Jan, 2011
      Bill
      The three scores vary for three reasons. First, the raw data underlying the scores may differ because the three credit reporting agencies may have different data for the consumer. For example, a delinquent account may be reported to only one credit reporting agency. Second, the scores will almost certainly vary even if fed the same data because the algorithms for each are proprietary, secret. It would be miraculous (or evidence of a theft of trade secrets) if they were the same. Finally, the three scores have different minimum bottom and maximum top scores. I would be very surprised if a consumer saw the same number from all three credit scores.
      0 Votes

  • 35x35
    Mar, 2010
    Bill
    You are following an effective strategy. Reminder: The fact that a debt no longer appears on a credit report does not mean the creditor can no longer try to collect on it.
    2 Votes

  • 35x35
    Mar, 2010
    Kanita
    I have pulled my credit report recently and found that I have 6 negative items on my credit report. Most of them are from 2001 to 2004. Right now, my credit score is in the mid 500's. I have sent my first payment to pay off the most recent item to be turned over to collections. Will it hurt my credit score to pay off the most recent items and to let the older items "roll off"?
    0 Votes

  • 35x35
    Jan, 2010
    Bill
    Impossible to say without knowing your present score. If you are at 700+ then adding another card will cause a brief dip until the history of the new tradeline account takes effect. At that point adding the gasoline card will be a net positive. If you are in the 500s then adding the tradeline will be de minimus on your score in the short term, but a larger net positive long-term.
    0 Votes

  • 35x35
    Jan, 2010
    Misty
    I am looking to purchase a vehicle in about 4 months. I currently have a mortgage and a Master Card with a $200 balance/$3500 limit. No other revolving accounts. I am considering getting a gas card to add variety to my available credit. I am concerned it will lower my score by having recent hard inquiries and newly aquired credit. Will this help my score or hurt my score?
    0 Votes

  • 35x35
    May, 2009
    Bill
    Once you pay off a collection account, your credit report will still show the account, but the balance will show as zero, just as you are seeing it now, but the account will not be deleted for up to 7 years. As you have no balance due, you should see your score improve within a few months. You need to make sure that you do not have any other accounts that are in collections and keep up your payment history current. As time passes, the negative effect of these collection accounts should go down.
    0 Votes

  • 35x35
    May, 2009
    JT
    i have 4 revolving open lines of credit that has been open for almost 2 years and 1 paid/collection that was paid off 5 months ago. I had another colleciton show up 1 month ago that had $0 balence. The new Paid colleciton will account will be deleted so how much will by fico score go up once the new collection account is deleted? My scores are low to mid 600's and i dont use more than 30% of available credit.
    0 Votes

  • 35x35
    Apr, 2009
    Bill
    It will increase your score for sure, but not dramatically. The amount of available credit that you use is only one of many factors used to calculate your score.
    1 Votes

  • 35x35
    Apr, 2009
    Stephanie
    I have a credit card that is maxed out. It has been that way for 9 months. If I pay it down to 30% would that dramatically increase my score.
    0 Votes

  • 35x35
    Mar, 2009
    Bill
    I just cannot say whether you will qualify or not based on the information provided. Every mortgage lender will have their own criteria for qualification. The only way you will know is if you apply with multiple lenders. Once you speak to different lenders, you will know exactly what factors are helping you and which ones are not. Bills.com is an excellent place to start, just complete your request here: https://www.bills.com/homeloan/purchase/?credit_rating=Good&loan_type=home_purch&property_state=
    0 Votes

  • 35x35
    Mar, 2009
    Rossa
    I have 2 previous collection which has been paid off and 1 late payment. I have paid the 3 items off. I am looking into buying a house this year 2009 and my Experian score is 659, Equifax 618 and transunion is 636. My husband score is good which is experian 708, equifax is 689 and Transunion is 696. Will I qualify for a home loan or my husband. We have installment loan debt which is 14,000. Do I need to pay this off in order to get my scores up. Please advise.
    0 Votes

  • 35x35
    Jan, 2009
    Bill
    You are correct, if you are looking to build your score then establishing a good payment history on a credit card is a good way of doing it. Be careful with your spending and always pay the bill in full.
    0 Votes

  • 35x35
    Jan, 2009
    Brown
    Do Debit Cards help your credit score? If not, would it be better to pay for items w/ a regular credit card and then pay off when statement comes in? Then, does paying off a credit card every statement help your score?
    0 Votes

  • 35x35
    Oct, 2008
    Credit
    Ironically, this might actually help your credit score! Your credit utilization (the percentage of your credit lines that you have used up) will go down, making your FICO score go up. This will not count as an inquiry or a request for a new credit line, so you should be good.
    0 Votes

  • 35x35
    Oct, 2008
    Ron
    My wife and I have good scores (upper 700's/low 800's). We have a credit card which had a $25,000 limit. I requested and received an increase to $35,000. Does that request "ding" our scores, and for how long?
    0 Votes

  • 35x35
    Sep, 2008
    Bill
    If they are all 0% accounts, then spread the payments evenly. Either way, it is always best to carry balances less than 30% of the credit limit. The credit bureaus not only look at individual account utilization, but they also look at your overall aggregate credit utilization. Pay these cards down as soon as you can.
    0 Votes

  • 35x35
    Sep, 2008
    Shaun
    I want to help my FICO score. I have three large credit card balances. I want to pay them down as they are up to their limit...do I pay one completely off? or each of them some...basically if I have 3000 to pay, should I pay it all on one or spread it out? They are all at zero percent. Thanks.
    0 Votes

  • 35x35
    Jun, 2008
    Bill
    Well it will not effect your score negatively. If anything, it will only help establish the fact that you are responsible with your debts. Remember that Mortgage is a good form of debt.
    0 Votes

  • 35x35
    Jun, 2008
    SCBell
    I just sold our house and was wondering if the sale and paying off the mortgage will effect my FICO score. If so, would it make my score go up or down and how much of an effect will it make.
    0 Votes

  • 35x35
    Feb, 2008
    braydeng
    Yes. Almost any form of debt consolidation or debt help will likely hurt your credit. Credit Counseling or a Debt Management Plan gets listed on your credit report and most lenders look at it like a Chapter 13 Bankruptcy. Debt Settlement forces you to be delinquent for years, which hurts your score. If you can get a refinance debt consolidation loan, that might benefit your credit score... but in these markets it is difficult to qualify for a debt consolidation loan. Hope that helps you.
    0 Votes

  • 35x35
    Feb, 2008
    ani
    I want to consolidate my debts, will it hurt my fico score?
    0 Votes

  • 35x35
    Sep, 2007
    Nithin
    Cancelling your cards is not really going to push your score up. You need to look at the age of all the different accounts you have. Older accounts actually help your score so it is actually not a good idea to close really old accouts because they help establish the age of your credit history. You may want to cancel the accounts that you have opened recently. Keep in mind that the number of active credit card accounts that show on your profile, although does have an impact on your score, it only contributes about 10% of the weight. If you need more information on how to improve your credit, please visit http://www.bills.com/credit/. You can also search the blog section for similar questions.
    0 Votes

  • 35x35
    Sep, 2007
    Carol
    I have a Beacon score of 737. I noticed that I have lots of credit cards that I don't ever use. Would it increase my score if I cancelled them?
    0 Votes

    • 35x35
      May, 2011
      carl
      No it will decrease your score....The more credit you have with a zero balance looks good...it's like this if you have 5 credit cards with a total amout that adds up to 10,000 dollars....and you only owe 2,000 thats good you only used up 20%....now lets say that the 2,000 dollar balance is only on one card with a 3.000 dollar limit and the rest have a zero balance and you close them....now you have used up 66% of your available credit thus lowering your score...i know this is confusing but i hope it helps
      0 Votes

    • 35x35
      May, 2011
      Bill
      In addition to the issue of credit utilization that was explained above, another reason to not close your cards is that how long you have had your accounts open affects your credit score, too. In general, you don't want to close cards that have been open a long time.

      A separate factor to consider is whether you pay an annual fee for a credit card. If you are paying a fee, that is a factor that may make it more sensible to close a card.

      Lastly, it is a good idea to always have three active tradelines open.
      0 Votes

  • 35x35
    Dec, 2007
    Steven
    Thank you very much for the great article. I have two questions: 1)I worked very hard and paid off all of debt. I currently have $16,000 in available credit and $0 in debt. I'm concerned that having too much available credit is keeping my score down. Should I start using one of my cards reguarly to show activity; and if yes, how much should I revolve or keep as a balance in order for it to count? 2)Focusing on the "length of positive credit history", I have several old closed accounts in good standing. Will these contribute to the lentgh, or do the accounts need to be currently open in order to count?
    3 Votes

  • 35x35
    Dec, 2007
    brookes
    it depends. while payment history is the largest component of your credit score (and now you have a derogatory / late payment listed) -- but it is not that delinquent (assuming you pay it off). You can contest inaccurate credit report listings, or you can call Amex and have them remove it.
    0 Votes

  • 35x35
    Dec, 2007
    Kathy
    I used to have good FICO around 780 or more, but lately AMX put a negative event in my credit report that I refused to pay them a few of hundred dollar which I didn't use and never received any formal bill statements. How much it will impact my FICO?
    0 Votes

  • 35x35
    Dec, 2007
    Nithin
    Thank you for visiting Bills.com and congratulations on becoming debt free. Those are very good questions. Here are your answers: 1) Credit reports do take into considerations, the credit utilizaton ratio, which is simply the amount of your total available credit that you have used; individually on every account as well as your total overall. The general rule of thumb is about 30% although lesser is better. That means, if you have a credit limit of $1000 you should use no more than $300. Use more than one single account and make sure that you pay your balances in full every month, if not then you will invariable get back in the cycle of debt again. 2) Closed accounts do not count for the age of your credit history, an account needs to be open for it to count for the total length of the credit history. For more information on credit scores, I encourage you to read more at our credit section available at: http://www.bills.com/credit/
    0 Votes

  • 35x35
    Apr, 2008
    Barry
    I currently have 20K cash and will soon receive 60k from a stock sale. My debt/avail credit on credit cards are as follows: 0k/20k, 0k/5k, 0k/3k, 4.4k/16k, 5.4k/13.5k, 3.8k/8k(new). I also have an installment loan with a balance of 8k on original 12k. What would you recommend I do? Should I pay off the installment loan or is that a positive thing for my FICO?
    0 Votes

  • 35x35
    Apr, 2008
    Bill
    Clearing all of the collection accounts will go a long way in helping your credit score to recover. You will need to apply in a few places to make sure that the interest rates that you are approved for, on the loan that you are looking for, does not turn out prohibitively high. If getting a loan is not an option, then definitely pay off whatever you are able to, in the shortest amount of time. These collections accounts really wiegh down your score and once paid, will really boost your score.
    1 Votes

  • 35x35
    Apr, 2008
    David
    I have a couple unpaid medical bills and misc collections on my credit report from over 4-5 years ago. I have had perfect credit history since those were deliquent. Do you think it would be better to take a personal loan (installment)and pay it all off or just pick away one by one till they are paid? What is the best way to achieve a higher score in the shortest amount of time?
    0 Votes

  • 35x35
    Apr, 2008
    Bill
    It could take up to 60 days for your accounts to be updated by the credit bureaus. Closing out your accounts does not help your score as they are used to establish the age of your account, therefore it is not advisable to close accounts that you have had for a long time. But the negative affect is not that great, and if closing your accounts is the only way you can discipline yourself in not using them then you can go ahead and close out these accounts. For more information, please visit our credit resources page available at http://www.bills.com/credit-score/.
    0 Votes

  • 35x35
    Apr, 2008
    Barry
    Okay. How long until balances are reported and should I close out any of the cards or will that have a negative effect on my FICO?
    0 Votes

  • 35x35
    Apr, 2008
    Bill
    Please pay off the credit cards before you pay off the installment loan. Once you pay the cards off, wait till all the balances are reported to the bureaus and then check your score. Remember that you have to have some sort of an ongoing payment history to increase your score. The installment loan actually helps your score.
    0 Votes