Five Elements of a Credit Score

Many Americans are in the dark when it comes to understanding how credit scores are calculated. According to a study done by Compare Cards by LendingTree, nearly 4 in 10 Americans “have no idea” how credit scores work. The majority of card issuers and lenders in the U.S. use FICO’s traditional model when deciding whether to extend credit to consumers. So, you may be thinking to yourself, how is your FICO score, otherwise known as a credit score, calculated? Below are five elements of a credit score. 

 

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