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FICO Score

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A FICO score is a credit score derived from the credit model developed by Fair Isaac Corporation. The FICO score is the best-known credit score in the United States, and a version of the FICO score calculated by all three of the major credit bureaus from reported information. A higher FICO score indicates better credit, and a FICO score below 600 is considered poor. The most important factor in determining a FICO score is past payment punctuality. The percentage of credit limit used is another critical parameter in the FICO score models, with a penalty for using too much of available credit. These two factors are given a total weight of around two thirds in determining the typical individual's FICO score. Other major FICO score variables include length of credit history and types of credit used. Bankruptcy, foreclosure, court judgments, and tax leins receive a strong FICO score penalty, especially when recent.



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