FICO reveals behaviors behind sterling credit scores | Inman News

26 10 2012

Credit cards image via Shutterstock.

FICO high achievers typically have long, well-established credit histories and rarely open new accounts, FICO said. They opened their oldest credit account 25 years ago, on average, and their most recent credit account more than two years 28 months ago. In general, their average credit account is 11 years old.Their balances are often low and they use only an average of 7 percent of their available revolving credit, i.e., $70 on a credit card with a $1,000 maximum.FICO considers both positive and negative credit report information within five general categories, the company said: payment history, amounts owed, length of credit history, new credit, and types of credit used.Source: FICO The FICO score does not take into account attributes such as race, gender, age, marital status, salary, employment history or address, the company said. FICOs consumer website, myFICO.com, offers tips and tools to help people make decisions about their credit.”Because a high FICO score is typically achieved over time and takes into account dozens of variables, there are no quick fixes for rapidly improving scores or repairing bad credit,” Sprauve said.

via FICO reveals behaviors behind sterling credit scores | Inman News.

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