The most widely used credit scoring model, ranging from 300 to 850.
A FICO score is a credit score calculated by the Fair Isaac Corporation based on your credit history, payment patterns, and borrowing behavior. The score ranges from 300 to 850, with higher scores indicating lower credit risk. FICO calculates the score using five factors: payment history (35%), amounts owed (30%), length of credit history (15%), new credit inquiries (10%), and credit mix (10%). Most lenders use FICO scores to make lending decisions. Different versions exist for different purposes (FICO 8, FICO 9, FICO 10T, etc.), and industry-specific scores exist for auto loans and mortgages. You can check your FICO score directly through myfico.com or see it through credit monitoring services. Understanding your FICO score and how to improve it is crucial for securing favorable loan terms and interest rates.