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What is FICO ?

The credit rating score is called FICO and was developed by the Fair Isaac Company

FICO scores are your credit rating.

The credit scoring formula has been created to estimate your credit worthiness in the future based on your payments in the past.

Most lenders base approval on them. You have three FICO scores, one for each of the three national credit bureaus: Equifax, Experian, Trans Union.

For more info on your credit score and how to improve it go to: www.myfico.com

FICO looks at your past credit patterns and assesses a score from 300 to 850 points.

Your individual interest rate on the owed balance will be directly tied to your past habits and whether the lender thinks they'll be paid on time.

For example, if you have a bankruptcy, derogatoriness, delinquencies, loan defaults, repossession or multiple late payments, you are a high risk. As a result, you must pay more to borrow.

If you have high indebtedness, long- term, high-dollar credit use, revolving, rather than installment credit use or if you are using many credit lines that create a high percentage of debt against your total assets, you may be considered a credit risk.