Understanding Your FICO Score with FX Your Score

Have you ever wondered what makes up your FICO score? At FX Your Score LLC, we know how crucial a solid credit score is to achieving your financial goals, whether it’s buying a home, getting a loan for a car, or simply securing the best interest rates. Today, we’re breaking it all down for you!

Your FICO score is a blend of five key components - each contributing a unique piece to the puzzle. Payment history is the most significant, weighing in at 35%. It shows potential lenders that you’re reliable with repayments. Next, ‘Amounts Owed’ accounts for 30%. This tells a lender how much of your available credit you’re utilizing and helps them gauge your handling of debt.

The length of your credit history contributes 15% to your score. It reflects the duration your accounts have been active, rewarding you for a longer established credit journey. Then there's credit mix (10%) and new credit (10%), indicating the diversity of your credit and recent inquiries respectively. Together, they form the complete picture, offering insight into your credit behavior.

With a clear understanding of these elements, you’ll be empowered to take control of your credit health. As always, if you have questions or need personalized advice, reach out to us. At FX Your Score LLC, we’re here to support your journey towards stronger financial foundations, guiding you every step of the way.