Credit Basics Demystifying credit scoring and credit reports.

Know your FICO® scores, improve your FICO scores, save money

Whether you’re buying a home, a car or applying for a credit card – lenders want to know the risk they’re taking by lending you money. FICO scores are the credit scores that most lenders use to determine your credit risk. Your FICO credit scores (you have 1 score from each of the 3 major credit bureaus) can affect how much money a lender will lend you and at what terms (interest rate). So, taking steps to improve your FICO scores can often help you qualify for better rates from lenders – which can save you money!

FICO Score Report Display

FICO Score Range

Take a look at the example FICO score report and you can see that it shows your FICO score in big bold numbers as well as a general indication of how your score relates to other U.S. consumers (bad to great). FICO scores range from 300-850 – higher is better. You can also see that your FICO score looks at several major categories as shown by the key ingredients on the right side of the sample report. For more information about these general categories, see the What's in your score page.

FICO Score Report Display

Your FICO score is calculated using the information in your credit reports. These reports contain all of the information that each credit bureau has on file about you. This sample credit report shows a few examples of the types of information that the credit bureaus collect, such as your credit accounts, how many times lenders have requested information about your credit (Inquiries), and how many times lenders have turned your account over to a collection agency (Collections).

FICO® Score

The Score That Matters®

The FICO Score is the standard credit score in the US, used in more than 90% of lending decisions. Learn more

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myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.

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FICO Score - The Score that matters
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