Credit Reports Explained
Credit reports are your financial scorecard. Information vital to lenders is rated and scored by FICO to determine your score. Understanding credit reports will help you score high.
Credit scoring relies on five credit report categories. Scoring weight is not the same for all categories.
35%: Timely payments on existing debt
30%: Low debt to available credit ratios chiefly on revolving debt.
15% Age of credit accounts.
15% Mix evidenced by installment and revolving loans.
10% Inquiries counting one year back.
For more detailed information see Five Credit Report Categories