FICO Score
generalDefinition
A FICO score is the most widely used credit scoring model, created by the Fair Isaac Corporation. Scores range from 300 to 850, with higher scores indicating better creditworthiness. FICO scores are calculated 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.