FICO® FICO is a particular type of credit score. While there are other brands of credit score, most lenders use the FICO score. A number typically between 300-850 that represents the data present on your credit report. The higher the number the better your credit. Your credit score sometimes called a FICO score is based on a number of factors such as timely payments, credit utilization and available credit to name a few.
Lenders of credit cards, car loans, home mortgages and more will look at your FICO score to determine if they want to work with you. If you have a higher score and are deemed as someone who is reliable and will most likely pay your loan on-time you can expect to get the best interest rates. If you have a low score and lenders are worried you will repay your loan on-time or at all may decline your request or if they choose to work with you will charge you a higher interest rate to account for the risk they are assuming lending to you.