Credit Score Formula?

Do you have an estimate of the formula used to determine credit score. There should be some general guidelines that would help us come up with an o.k. score-estimator calculator.

Something like you plug in.

# of time since oldest acct opened
# of time since newest acct opened
Avg # of months on all accounts.
Total # of revolving accts open.
Sum credit limit on all revolving accts
Total balance due on all revolving accts.
# collections
# past-due 30
# past-due 60
# past-due 90
# inquiries -- last 12 months.

I've saved all of my reports & scores. I'd be happy to email all of them to anyone that would like to try to make a simulator. I'd also be happy to try -- if I had some more samples. I'd only need scores & numbers -- no names or actual info.

I've read the percentages that apply to various items, but I have no info on what level of each area scores 'x' points. Of course, like everyone else, the changes to my score make no sense -- and I continue to get "2 reasons why my score is not higher." The 2 reasons are always different, and always make no sense.

This is much more complicated than you think - don't bother trying.

Although FICO initially used complicated formulas and statistics to create the scoring formula, the formula can be easily duplicated with a good mix of credit reports. Do date, I've collected about 15 reports. Each time I get a new report from someone, I have to make a few adjustments in some of the scoring criteria to make the score match the FICO score. However, I've now got 15 completely different reports that all score within 2 points of the actual FICO score.

FICO has tried to keep this a large secret -- as have various credit-help sites -- because all are making money by "selling" credit reports and credit scores. Once a consumer has 1 report in hand, it should be easy to figure what changes will occur to a credit score as negative items are reduced and removed. I plan on releasing a score calculator as freeware on the net as soon as I've collected some more reports.

All right, looking forward to see that. How do you plan on inserting the hundreds or thousands of pieces of data?


And which scores would you come up with and why for the posted reports at:

FICO is FRAUD (http://www.bayhouse.com/FICOisFRAUD.shtml)

out,

you might look up some of Mori4rty's post he does scoring for a major credit card issuer. Some things he's mentioned are for example it doesn't matter how many collection accounts you have 1 is the same as fifteen. What does matter however are things like how recent the collection accounts are. Another thing is that equity lines are included in the balance to limit ratio.

Also did you ever sign up for creditwatch- tj\hey used to allow you to pull reports almost everyday(I still can until my service is up)? I probably have at least fifteen different scores for fifteen different reports.

I had a friend with an interesting credit history get his fico score online. He left grad school about 10 years ago to smoke pot and work a 1-day-a-week (bartending) job. He has 11 credit cards with a combined limit of 50,000 but rarely uses them and equifax had him with a total debt of $49; no lates or derogatories: and a fico score of 771. No verified employment, mortgage or installment loans. His score may be valuble in reverse calculating the weight given to "good loan mix" and "too many cards" which were the top negatives listed in the score simulator.