Question on scoring for new credit

[Red1Blue]

Right now my scores on EQ and EX are around 680. I understand 15% penalty for new credit. By end of this year all my accounts would turn 1 year old and all inq's would be 1 year old. So at that time how much score increase would I gain due to new credit penalty does not have effect? Is it 15% of 680 or 15% of 850 Max score? How does this number work?

[llecs]

Can't speak to the number but 15% is Length of Credit History (likely includes AAoA, TL age, etc.) and 10% is New Credit and would include inquiries, anniversaries, etc., or so I am guessing.

The accounts aging would be factored into the 10% and the 15%. If all inquiries come off, you may see a small bump. The accounts hitting 1 yr. with nothing opened since would lead to a significant increase (I had a 20 pt bump when everything hit one yr and was relatively app and new acct-free up to that point).

[Red1Blue]

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@llecs wrote:
Can't speak to the number but 15% is Length of Credit History (likely includes AAoA, TL age, etc.) and 10% is New Credit and would include inquiries, anniversaries, etc., or so I am guessing.

The accounts aging would be factored into the 10% and the 15%. If all inquiries come off, you may see a small bump. The accounts hitting 1 yr. with nothing opened since would lead to a significant increase (I had a 20 pt bump when everything hit one yr and was relatively app and new acct-free up to that point).

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When you say 10% does it mean if I have scores of 680 now I can see a gain of 68 points in score? I still dont understaqnd these percentages and how  they effect going forward in scores.

[smallfry]

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@Red1Blue wrote:

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@llecs wrote:
Can't speak to the number but 15% is Length of Credit History (likely includes AAoA, TL age, etc.) and 10% is New Credit and would include inquiries, anniversaries, etc., or so I am guessing.

The accounts aging would be factored into the 10% and the 15%. If all inquiries come off, you may see a small bump. The accounts hitting 1 yr. with nothing opened since would lead to a significant increase (I had a 20 pt bump when everything hit one yr and was relatively app and new acct-free up to that point).

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When you say 10% does it mean if I have scores of 680 now I can see a gain of 68 points in score? I still dont understaqnd these percentages and how  they effect going forward in scores.

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No. The 10% is the portion of your score that is affected. If FICO grades 300-850 then there are 55 possible points you can accumulate with a perfect grade within that slice of the pie. I have seen breakdowns on the internet but I am not sure how accurate they are. 

[Trishco]

Where does the 55 come from if the perfect 10% slice of 850 would be 85?  What am I missing?