Law Offices of Michael J. Primus

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Credit Score Basics – How Is A Credit Score Determined?

April 24, 2015 by Michael Primus

Michael Primus is a bankruptcy attorney in Contra Costa County.  A “Credit Score” is the term used to refer to a FICO (Fair Isaac Corp.) score which is a three digit number used to determine creditworthiness.  The credit score is derived using a complex formula but can be summarized as follows:

35% – Payment History

30% – Amount of Debt

15% – Credit History

10% – Types of Debt

10% – New Credit

 

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Law Office of Michael Primus

Filed Under: Blog, Credit

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Determining if bankruptcy is right for you requires specific guidance from an attorney because each situation is different.
The information here is general in nature and is not a substitute for an in office consultation with a lawyer.