Reply #6: The formulas are secret and proprietary…

[mcscajun]

but these are the factors that go into the formulas:

Payment history, amount of credit currently outstanding, number of credit accounts and total credit available (unused), length of your credit history.

If you've opened (or applied for) new accounts, that also is factored in. Too many at one time could lower your score.

Any inquiries against your credit record are noted. Too many could lower your score.

If you've ever had a judgment against you or have declared bankruptcy, or been subject to collection for a debt, that's in there, too.


http://www.alliemae.org/understandingcreditscoring.html

http://www.freddiemac.com/creditsmart/credit_scoring/