What factors are considered in calculating my FICO score?

When calculating your FICO score, several factors are taken into consideration. The breakdown includes your payment history (35% weightage), which looks at whether you have paid your bills on time. The amount you owe (30% weightage) considers the total amount you owe across different types of credit. The length of your credit history (15% weightage) reviews how long you've been using credit. Your credit mix (10% weightage) analyzes the different types of credit you have, such as credit cards or loans. Lastly, new credit (10% weightage) assesses the number of new credit accounts you have opened recently. These factors collectively make up your FICO score, which is an important indicator for lenders to assess your creditworthiness and determine the terms of any credit you may receive.