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Does anyone know where I can get the algorithm used to calculate my FICO score from my credit report.
I want to be able to input the information in my credit report and calculate my FICO score. That way I can play around with different scenarions (what if close this unused credit card account, what if I consoilidated my student loans, what if I leave evertyhing the same but I had a longer credit history) and see exactly what my score would be then.
I just read that the FICO score consists of over 30 pieces of information and that each of the three credit reporters will have a different FICO score for you (this is based on data points that may be stressed more or less by that reporter and by the actual content of the report, which generally varies by reporter). I don't think it is possible to calculate your fico score manually. However, FICO would be delighted to sell you their software so that you can keep on top of your score, check out their website . They also have a long, free consumer instructions that talk about FICO scores in general terms. Hope this helps.
FICO will never divulge how they calculate FICO scores. Trust me. I work as a credit underwriter in a large finance company, and they won't even tell us. It's tough enough to get one of their reps, or a rep from the Credit Bureaus to even come in and do training and speak to us about things like that.
The final number is a composite that comes from individual ratings in five categories: payment history (35% of the rating); length of credit history (15%); new credit (10%); types of credit used (10%); and debt (30%
If you find FICO algorithm consider yourself a billioner
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