Question: What is the VantageScore Credit Scoring Formula?
Answer: The VantageScore credit scoring formula is calculated based on six key pieces of information from your credit report:
- 32% is payment history – whether your payments are satisfactory, delinquent, or derogatory
- 23%, utilization – the amount of credit you’ve used
- 15%, balances – the amount of recently reported current and delinquent balances
- 13%, depth of credit – the length of your credit history and types of accounts you have
- 10%, recent credit – the number of recently opened credit accounts and credit inquiries
- 7%, available credit – the amount of available credit on your credit card accounts
