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  • Bolt Credit Team

What determines my credit score?

Updated: May 14, 2019

FICO Scores are calculated from various data compiled in your credit report. This information is constantly being updated and changes all the time.

35% Payment History

* Account payment information on specific types of accounts (credit cards, installment loans, mortgage, etc.)

* Presence of adverse public records (bankruptcy, judgments, suits, liens, collection items, and/or delinquency (past due items)

* Severity of delinquency (how long past due)

* Time since (recency of) past due items (delinquency), adverse public records (if any), or collection items (if any)

* Number of past due items on file

* Number of accounts paid as agreed

Knowing your financial goals and having an educated advisor can drastically change your credit profile.

30% Amounts Owed

* Amount owing on accounts & specific types of accounts

* Number of accounts with balances

* Proportion of credit lines used (proportion of balances to total credit limits on certain types of revolving accounts)

* Proportion of installment loan amounts still owing (proportion of balance to original loan amount on certain types of installment loans)

15% Length of Credit History

* Time since accounts opened

* Time since account activity

10% New Credit

* Number of recently opened accounts, and proportion of accounts that are recently opened, by type of account

* Number of recent credit inquiries & time since credit inquiry(s)

* Time since recent account opening(s), by type of account

* Re-establishment of positive credit history following past payment problems


10% Types of Credit Used

* Number of (presence, prevalence, and recent information on) various types of accounts (credit cards, installment loans, mortgage etc.)


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