FICO scores were developed by the Fair Isaac Corporation in the 1950s. These credit scores are used by lenders when considering whether to offer mortgages, credit cards or other forms of credit to individuals.
Significance
Your FICO score plays a large part in determining whether you will be offered credit, how much and at what interest rate.
Function
FICO scores range from 350 to 850, and the higher your score, the more likely you are to be approved for credit at the most favorable terms.
Features
FICO scores are based on a number of factors, including payment history, account balances, types of credit used, length of credit history and new credit applications.
Considerations
Each of the three credit bureaus -- Experian, Equifax and TransUnion -- calculates your score separately based on their credit report information. Scores can vary among bureaus.
Warning
Be sure to check your credit reports regularly. Incorrect information can have a negative effect on your credit score, but can be easily corrected.
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