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How credit scores work

A credit score is a number, usually 300 to 850, that predicts how likely you are to repay on time, based on your credit reports. Lenders use it to decide whether to approve you and what rate to charge. Here's how it works, with facts from FICO and the CFPB.

What goes into a FICO Score

Payment history Paying on time. Late payments, collections and bankruptcies count here.	35%
Amounts owed How much you owe, including how much of your credit limits you're using.	30%
Length of credit history How long your accounts have been open.	15%
New credit Recently opened accounts and recent applications.	10%
Credit mix The types of credit you have, like cards and installment loans.	10%

FICO's published category weights for the general population. FICO says the importance of each category can differ for each person. Source: myFICO, What’s in my FICO Scores (checked 2026-10-12).

Key facts

You don't have just one credit score. Each depends on the data, the scoring model and the day it's calculated (CFPB).
Most credit scores range from 300 to 850; a higher score usually makes it easier to qualify and may get a better rate (CFPB).
Scores are also used for tenant screening and insurance, and to set credit limits (CFPB).
You can get your credit reports free every week at AnnualCreditReport.com. Errors on your reports can lower your scores (CFPB).
Checking your own score doesn't lower it (soft inquiry).
FICO and VantageScore are different models, so the same report can produce different numbers.

Sources: CFPB: What is a credit score? · CFPB: Where can I get my credit scores? · myFICO (checked 2026-10-12).

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FAQ

What matters most in a FICO Score?

Payment history (35%), then amounts owed (30%), length of credit history (15%), new credit (10%) and credit mix (10%), per FICO's published weights.

Why do I have more than one credit score?

Each score depends on the data used, the scoring model, and the day it's calculated, per the CFPB.

Where do I get my credit report for free?

AnnualCreditReport.com, weekly and at no cost, per the CFPB.

Estimates, not financial advice. Taxes, insurance, PMI and fees vary by lender, county and city; confirm with your lender, dealer and state agency before acting.