Question:
“I’ve been working again now for 6 months, so my FICO score should be improving…”
Answer:
While having a job means you have more money to pay your bills, it does not directly impact your FICO or credit score.
FICO scores measure 5 things:
- 35% Payment history
- 30% Amounts owed (as a % of credit limits)
- 15% Length of credit history
- 10% New credit
- 10% Types of credit used
For more info about FICO scores, go to: http://www.myfico.com/crediteducation/whatsinyourscore.aspx.
