The categories are weighted differently in calculating your FICO score and the Fair Isaac Corporation does not divulge the exact formula, however, here is what they take into consideration:
Payment History
The punctuality of your past payments is of utmost importance in the FICO formula. The Fair Isaac Corporation has disclosed that approximately 35% of the score is attributed to the borrowers payment history.
Amount Owed
The amount of debt you are currently carrying is calculated as a ratio of revolving debt to available credit and that data is worth 30% of your score.
Length of Credit History
This one is pretty self-explanatory. It simply is based on how long you have had credit…good or bad. It's worth 15%.
Type of Credit Used
This information is based on whether the type of credit is categorized as an installment account such as a car loan, a revolving line of credit for instance, and lastly consumer finance accounts that primarily have to do with credit received from sub-prime lenders who issue credit to people who have less than perfect credit. This category is worth 10%.
