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There seems to be a bit of misinformation or just plain wrong information in this thread. If you want to educate yourself about FICO scores and how they are figured and used go to MyFico.com and take a look around.
There are a tremendous amount of scoring models used (FICO Score 8, FICO Auto Score 2, FICO Score 4, FICO Bankcard Score 8, just to name some of them) depending on the type of lending being done. Each one can result in a different FICO Score.
For example, here are just some of my TransUnion FICO credit scores that are current as of today:
FICO Score 8 = 808
FICO Auto Score 8 = 822
FICO BankCard Score 8 = 833
FICO Auto Score 9 = 802
FICO BankCard Score 9 = 810
FICO Score 9 = 805
FICO Score 5,4,2 = all are 766
(as you can see, if my lender were using one of the older scoring models of FICO Score 5,4, or 2 my score is much lower than one of the newer Score 8 or 9 models that are out there).
Again, these are just some of the scoring models, and these are just TransUnion. Equifax and Experian have their own scores using the scoring models above that will likely be different as well. So, when you say your credit score is *** you need to know which credit bureau that score came from and under which scoring model.
Lets say you want to buy a car, but you think your credit score might be marginal. You can go online and run a FICO 3B Report and pull all three credit bureaus and the credit scores under each scoring model (I think with my credit history is was about 84 pages long...). Now you will have in front of you a wide range of credit scores from each bureau under many different models. So now you can call around to different lenders and simply ask their loan department which credit bureau they use (most only use one bureau for an auto loan) and which scoring model. Find one that uses the highest score you have that gives you the best chance of getting the loan. It might take some work, but for someone with marginal credit it might be worth the effort.
Also, as far as what determines your score, that appears to be a very complex answer and it varies with each individual according to the experts at MyFico, but in general it looks to be the following:
35% Payment History
30% Amounts Owed
15% Length of History
10% New Credit
10% Credit Mix
Like I said, there is a lot of really good information out there, especially on that website.
*I am not affiliated in any way with MyFico.com or the industry. Nor am I giving any type of credit counseling advice. Just a few things I have read about over the years.
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