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What is FICO?

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If you have ever applied for credit, you have probably heard of FICO or FICO scores. Lenders, including mortgage companies, use these scores to approve your credit and determine your interest rate. The better your scores, the easier it will be for you to obtain credit and get a good interest rate on your loan. Click here to learn how to get your scores.

FICO, a credit rating method, stands for "Fair, Isaac and Co., Inc.," Fair Isaac And Co, Inc. developed the mathematical formulas used to produce your FICO score (credit score). Your FICO score is calculated by credit-reporting agencies. Credit agencies use the FICO formula. The FICO formula evaluates many types of information on your credit report. By comparing your information to the patterns of millions of past credit reports, the score identifies your level of future credit risk. FICO scores range from 400 to 900. The higher the score, the lower the predicted credit risk for lenders. You want a high score. High credit scores are good scores.

FICO scores consider five main kinds of credit information.

  • Payment history
  • Amount owed
  • Length of credit history
  • New credit
  • Types of credit in use

Your FICO score analysis will suggest things you can do to improve your score over time. Generally, people with high FICO scores consistently:
  • Pay bills on time
  • Keep balances low on credit cards and other revolving credit products
  • Apply for and open new credit accounts only as needed
If you have a less than excellent credit rating, you are not alone. Many Americans have damaged their credit rating by missing payments, carrying high balances and whether from inexperience, illness or unemployment, over extending themselves financially.

It will take time, but you can improve your credit rating. The longer you exhibit good credit behavior by paying your bills on time and managing your credit wisely, the more your credit rating will improve, until you once again achieve a favorable credit rating.

For more information on how to improve your credit, click on the links below.

 

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