Fair Isaac just recently announced plans to modify the credit of its scoring method to make certain the continued reliability as well as predictive powers of FICO scores. The new model, named "FICO 08" is making the way of its in to the credit scoring process since late 2008. The model replaces the existing FICO model, that has remained somewhat unchanged since the 1980s.
Essentially, FICO 08 is going to be even more forgiving to regular late payments as long as some other credit continues to be strong, and often will have a greater detrimental impact on your score if you've a couple of late payment accounts.

Calculating FICO Scores

A speedy summary on the FICO scoring design calculates creditworthiness based on information in five dimensions:
35 % of Score: Payment History. Account payment info for credit cards, lenders, and retailers. Used to measure your ability to pay the bills of yours on time.
30 % of Score: Amounts Owed. The complete volume of credit you've outstanding relative to the maximum amount creditors are willing to extend to you.
15 % of Score: Length of Credit History. A measure of the stretch of time your accounts have been open with creditors as well as lenders.
10 % of Score: New bad credit loans edmonton (click this site). The number of times you have applied for recognition in the recent past.