If you mean the percentage breakdown of how a score is calculated and how much weight is given to certain aspects, you can find that information here:
https://www.myfico.com/credit-education/whats-in-your-credit-score
If you mean what is the exact formula used to come up with your score, that is proprietary and there is no way to know.
https://www.myfico.com/credit-education/whats-in-your-credit-score
If you mean what is the exact formula used to come up with your score, that is proprietary and there is no way to know.
Yes, the ones you can improve on and see success quickly are the charge offs, as charge offs are considered maxed accounts that severely hurt your utilization. If you can pay/settle all your COs, your score should see some nice improvement. Payment history and length of history will take time to build up.
If you have collections, you can try to do PFD if possible, because the presence of collections on your report also hurts your scores.
If you have collections, you can try to do PFD if possible, because the presence of collections on your report also hurts your scores.
@Red1Blue wrote:
@OmarGB9 wrote:
If you mean the percentage breakdown of how a score is calculated and how much weight is given to certain aspects, you can find that information here:I am trying to figure out. When I am trying to boost scores what areas I need to boost. The 5 areas FICO looks into.
1. Payment History: old payment history with out lot of work GW. That is a stretch. New accounts and new payment history will come into picture in the next 6-12 months and start adding to score.
2. New credit: This account ding will over come in 12-18 months.
3. Credit Utilizaton: Some of the accounts charged off but, hopefully by settling and paying them off can help some gain in the score. Probably this an area to focus.
4. Credit Mix, I already have both installment and credit cards. That is not going to change much.
5. Length of Credit History: This is not going to change overnight and not much we can do to improve the score.
The only thing I can do is try to pay off the charge off accounts and collection accounts and let things age and wait. It would be good to know where I am taking hit and how to improve.
In your case the single most impactful thing for you to work on is trying to get rid of the negatives. I know you don't have control over how that plays out, but you should devote effort to trying. Sending verification letters to the bureaus is one way to sometimes get rid of some of them.
The second most important thing, over which you do have control, is utilization. You should try to get (a) as many revolving accounts as possible reporting a zero balance, (b) less than 9% aggregate reported utilization and (c) less than 29% individual account reported utilization.
