Are you aware of the fact that 99% of the credit grantors today use FICO? FICO scores are based on the credit report used to generate the score. Though there are other scoring models, but the scoring model developed by Fair Isaac is one of the leading models where you can check your credit scores.

In general terms in this method of checking your score they make use of your income, access to credit, credit history, outstanding debt and debt utilization over the years, and other factors that indicates your financial behavior. These factors help them to determine whether you can pay your bills on time, or if at all.

According to Fair, Isaac the breakdown of your FICO score can be determined in the following method:

Payment histories on your credit accounts determine 35% of the score; another 30% is based upon the amount of debt that you are due with all creditors.

How long you are using the credit card determines another 15% while 10% comprises of very recent history, whether you have made any efforts to obtain loans in the recent months and the remaining 10% is calculated from the mix of credit that you are holding. This includes installment loans, leases and mortgages.

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