FICO Score 8
Updated
FICO Score 8 is a credit-scoring model sold by FICO and commonly shown on consumer reports. It reads a credit file and returns a three-digit rank. FICO publishes category weights for its scores used in most lending: payment history about 35 percent, amounts owed about 30 percent, length of history about 15 percent, new credit about 10 percent, and credit mix about 10 percent. Those weights are not an equation a person can solve.
A lender may buy FICO Score 8, an older or newer version, or an industry option built for auto or bankcard decisions. A score in a bank app may be a FICO Score, a VantageScore, or a proprietary rank. Movement in one of those numbers is not movement in the others. The file underneath them is governed by the Fair Credit Reporting Act. The score is a product that reads the file.
Nothing in the model’s public description assigns a fixed point value to paying a card down, opening an account, or filing a dispute. Anyone who quotes such a value is using a model this definition does not contain.