How much does making regular monthly payments increase fico score?
Jill C asked:
Hello there I have a very low FICO score because of mistakes I made 3-5 years ago. In the last few years I have always made at least minimum payments and have all my creditors reporting an R1. I am just wondering why my score is still so low and how many points are gained for making regular payment.
It’s not necessarily points that you gain. FICO is figured in percentages:
· 35% Payment History – Avoid delinquency. Current pay history more relevant.
· 30% Capacity – The more the better
· 15% Length of Credit
· 10% Accumulation of Debt in last 12-18 months – Includes # of inquiries and opening dates
· 10% Mix of Credit – Installment raises, revolving lowers. Too many finance company loans hurt score.
More about FICO scores at this website a friend referred me to: