What Is A FICO Score?

"FICO" scores are a type of credit score developed by a Fair Isaac & Company. FICO scores use credit bureau information to obtain a score which indicates how likely someone is to make their loan payments on time. Millions of consumers' credit bureau records were used to develop the scorecards, and all of the consumer data - not just negative information -was included to develop the system. FICO scores range from approximately 350 to 900. The higher the score the more likely someone is to make their payments. Similarly, the lower the score the more likely someone is not to make their payments.