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 How is a FICO credit score determined? Anyone with a
credit history has a FICO
credit score. FICO is an acronym for Fair Isaac Corporation, which
is the corporation that created the most-commonly used credit scoring system in
the The value represents a person’s creditworthiness. It is an excellent indicator of whether or not the individual will repay any credit that may be extended to him or her. No one, except for those at the Fair Isaac Corporation, knows the exact formula that is used to calculate the FICO credit score. Many factors are taken into consideration. The length of your credit history, the type of credit that has been extended to you, the amount of available credit that is used, your payment history, and recent credit inquiries are examined. The point system technically ranges from 0 - 999, but most scores fall between 330 and 850, with 330 being poor and 850 being excellent. A FICO credit score can be obtained through any of the major credit bureaus, Experian, Equifax, and TransUnion. When you apply for a major credit card, store credit, a personal loan, an auto loan, or a mortgage, the creditor will review your credit report, which will be obtained from one or more of the above mentioned credit reporting agencies. This will determine whether or not credit will be extended to you. You can obtain your own credit report as well, and every individual is entitled to one free credit report per year from each of the three credit reporting agencies. . Fico Credit Score:
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United States.
The corporation was founded in 1956, by engineer, Bill Fair, and mathematician,
Earl Isaac. In 1958, they started building the scoring system, which is based
on statistical analysis of a person’s credit report. Over the years, they
perfected their scoring system, and in 1981, the Fair Isaac credit bureau scores
were introduced. 
