Definition
FICO scores (300-850) use five weighted factors: payment history (35%), amounts owed (30%), credit length (15%), credit mix (10%), and recent inquiries (10%). FICO 8 is most commonly used by lenders, though multiple versions exist.
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FICO scores range from 300 to 850 and use five weighted factors: payment history (35%), amounts owed (30%), length of credit history (15%), credit mix (10%), and new credit inquiries (10%). Most lenders use FICO scores for mortgage decisions. Multiple FICO versions exist (8, 9, 10, etc.), with FICO 8 being the most commonly used by lenders.
Pro Tip
Request your FICO score specifically when getting a mortgage quote, as some lenders use alternative scores that may differ from your standard FICO.
Example
A borrower's FICO score of 725 is calculated from a mix of on-time payments, moderate credit card balances, 10-year credit history, and minimal recent inquiries.