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Credit Rating
What is a FICO score?

FICO Score. FICO is a credit score scale used by many mortgage lenders that use a risk-based system to determine the possibility that the borrower may default on financial obligations to the mortgage lender.

Banks and Credit Card Companies use FICO scores to decide whether to give you credit, and what interest rate you'll get. It's very important that you have a good score, or else you'll be denied credit cards, auto loans, mortgage loans, or even cell phone or other payment plans. Insurance companies are even using your FICO score to decide what to charge you! If you want to qualify for any loan and get a low interest rate that will save you a ton of money, you need to have a solid FICO score.

FICO scores range from 300 to 850. Most people have a pretty decent score--the median is 723. That score will get you favorable credit cards and loans. But if you're the type of person who is late on your bills or maxes out your cards or commits any number of other credit no-nos, your score will be much less than this.

Fair Isaac Corp., the developer of the FICO score, is preparing to pull the plug on schemes that allow high quality credit card histories to flow into the credit files of people with bad credit, thereby boosting scores.

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