What Makes Up Your FICO Score

What Makes Up Your FICO Credit Score:

35%: payment history

30%: amounts owed

15%: length of credit history

10%: new credit

10%: types of credit used

 

Why Does a Good Score Matter?
House or apartment hunting: Whether you are renting or buying your first place, both landlords and mortgage lenders will require a good credit score.
Employment: Prospective employers can review their candidates’ credit history as a gauge of character and responsibility; it is possible for an employer to rescind their job offer is a new hire has bad credit.
Better interest rates: A high score will qualify a borrower for the lowest interest rates on mortgages, car loans, and even insurance.