Re: FICO Score Breakdown (i.e., "Credit Mix")
12-11-2012 06:31 AM
Overall, I'm very satisfied w/ my FICO score (817 as of today).
Based on existing literature, I know how the FICO score breaks down (i.e., 35% Payment History, 30% Amounts Owed, 15% Length of Credit History, 10% New Credit, 10% Types of Credit or "Other").
My question is pertaining the 10% of "Credit Mix". Based on my most recent credit report, I score "Excellent" on all categories but only "Fair" on the credit mix.
From my perspective (and I think it's somewhat reflected in my high score), I have a good credit mix. That is, I have the following type of credit account:
- 2 mortgage accounts (mortgage and home equity) -- approximately 90% of my debt
- 2 installment accounts (car loans) -- approximately 9% of my debt
- 10 credit cards (only 1 card with a balance) -- approximately 1% of my debt
Based on the information above, is there anything obvious that "sticks out" as to why the "credit mix" is considered only "fair" (again, in contrast to all else being excellent)?
FICO does score each of the categories in the percentages you mentioned above.
However, from your description of the report you're referring to, it sounds like you may have a non-FICO score because reports you get from myFICO.com do not grade your "Credit Mix" on a "Excellent, Fair, etc" basis. Those grades are used in other scoring model reports such as Vantage scores - but their score category wieghts (e.g. 10% for Types of Credit) may be different from the FICO model.
To get an accurate idea of what your FICO really is, you might consider getting your EQ or TU report from this site.