To address whether the length of your credit history is one of the five factors used to calculate a FICO credit score, we must first identify the five factors that contribute to a FICO score. These factors are:
1. Payment History: This holds the highest weight (around 35%) in determining your score and looks at whether you have paid past credit accounts on time.
2. Amounts Owed: This accounts for roughly 30% of your score. It examines the total amount of credit and loans you are using compared to your total credit limit.
3. Length of Credit History: This makes up about 15% of your FICO score. It calculates how long your credit accounts have been established and the average age of your accounts.
4. New Credit: This represents about 10% of the score and looks at how many new accounts you have opened recently and the number of recent credit inquiries.
5. Credit Mix: This also makes up about 10% of the score, analyzing the different types of credit accounts you have, such as credit cards, installment loans, mortgage loans, etc.
Given these details, we can confirm that the length of your credit history is indeed one of the five factors used to calculate your FICO credit score.
Therefore, the correct answer is:
True
