Credit Scores - Fair Isaac Corporation (Page 5 of 5) in pdf

Credit Scores - Fair Isaac Corporation Page 5

How do these factors affect my credit score?

That depends. These five factors have different effects on lower credit scores than

they do on higher ones. Plus there are several different credit score models being

used by the three credit reporting bureaus and Fair Isaac Corporation (FICO) that

may weigh these various credit events differently.

Credit Karma Credit Simulator Score Chart

Credit Event

Jane Change Points

John

Change Points

Add a New Credit

Card with a Credit

793

791

-2

576

557

-19

Limit of $15,000

Increase Credit

Limit of Credit

793

576

612

+36

Cards by $10,000

Closing Oldest

793

576

558

-18

Account

Increase Credit

Card Debt by

793

769

-24

576

556

-20

$10,000

Paying Off All

793

576

615

+39

Credit Card Debt

Allow 1 Monthly

Account to Become

793

759

-34

576

558

-18

30 Days Past Due

Have On Time

Credit History for 24

793

576

595

+19

Months

Source: Credit Simulator, Retrieved June 2009

For your free annual credit report:



To purchase your credit score:



To estimate your FICO score: – under calculators



For a free credit score service:



Prepared by: Peggy Olive, Richland County UW-Extension, June 2009. Revised January 2011.

Reviewed by: J. Michael Collins, Assistant Professor, Extension Specialist Family Financial Management, UW-Madison.

Sources: Credit Scores & Credit Reports: How the System Really Works, What You Can Do, Evan Hendricks. Privacy Times, 2005.

Understanding Your FICO® Score, /crediteducation, May 2009.

Your Credit Score: How to Fix, Improve, and Protect the 3-Digit Number that Shapes Your Financial Future, Liz Pulliam

Weston. Prentice Hall, 2004.

Credit Scores - Fair Isaac Corporation Page 5

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