Mind Candy

Most people know what a FICO score as well as what it is used for, but they have little or no idea how an actual FICO score is calculated. It is not their fault, the formula for calculating a FICO score is almost as well guarded as the formula for Coca-Cola or KFC’S  eleven herbs and spices. While the entire formula is not known as it is a proprietary secret, there is some knowledge of the components used to calculate it which can be of tremendous help for all consumers.

 Because FICO is the alpha dog in the credit score world and is used to help make somewhere in the range of an estimated 10 billion financial decisions each year it is silly to not learn as much about it as possible. In a broad sense a FICO score is comprised of five key factors that are weighted in proportion…

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