Boost Your Borrowing Power by Boosting Your Credit Score
Factors That Determine Your Credit Score
Credit scores are compiled by the three major credit reporting agencies -- Equifax, Experian, and TransUnion -- based on information provided by creditors. They generate scores using a proprietary formula that assigns weightings to the five main factors illustrated below:
As you can see in this chart, the most important factors in your score are generally the amounts you owe and the rate at which you repay your loans.
Relative Weights in the Credit Score Equation
Factors that Determine Credit Score
Sources: myFICO.com; Fair Isaac Corporation.
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