While the exact calculation and the algorithm used by FICO to calculate the credit score is a well-kept trade secret they have revealed certain information that they use to base the credit score calculation upon. The reason why FICO and other credit scoring organizations withhold their from the for credit score calculation is that they consider it to be a trade secret. Since you think of it as a method that has proprietary rights, revealing the method of calculation could be detrimental to their business. Both the credit bureaus and the credit scoring agencies are a profit making organizations. The make a profit by selling credit reports and credit scores to individuals and businesses.
Here are a few factors that affect your credit score.
Delinquent account affect the FICO credit score.
Too many credit accounts opened in the last 12 months have a negative impact on the FICO credit score.
No debt in credit history or no credit account recently reported Can result in an absence of the fico credit score
Balances on credit cards close to the maximum limit resulting in a high credit utilization ratio can have a negative impact on fico credit score.
Information from public records such as tax liens, judgments and bankruptcies can also affect the credit score.
Too many recent credit Inquiries can have a negative impact on the fico credit score.
Too many open revolving accounts can also have a negative impact on the fico credit score.
Too few revolving accounts will also affect the fico credit score.
While a higher FICO score will usually result in your issue being quickly approve of the lender, the lender may be convinced to grant your loan in spite of a substandard credit score on providing additional documents such as proof of income, making a large down payment, having a low debt to income ratio, previously done business with the current lender, provision of collateral asset etc.