How is my FICO score calculated?

Your FICO score is calculated using several key factors. Firstly, payment history holds the most weight, accounting for approximately 35% of your score. Late payments, bankruptcies, and collection accounts can negatively impact this. Secondly, your credit utilization ratio plays a significant role, comprising around 30% of your score. Keeping your credit card balances low in relation to your credit limit is crucial. The length of your credit history also matters, making up about 15% of your score. Older accounts reflect positively. Additionally, your credit mix, weighing at 10%, considers the variety of credit types you have, such as credit cards, loans, mortgages, etc. Lastly, new credit applications contribute 10% to your score, so avoid applying for several accounts within a short period. All these factors are compiled to generate your FICO score.