A credit score is a number that reflects your credit risk level, typically with a higher number indicating lower risk. Your credit score is a fluid number, and it changes as the elements in your credit report change. For example, payment updates or a new account could cause your score to fluctuate.
FICO® scores* are your credit rating. Scores can range from 300-850, and higher is better. Your FICO® score is calculated based on your rating in five categories:
Generally, credit scores are affected by elements in your credit report, such as:
Score factors are elements from your credit report that drive your credit score. For example, such elements as your total debt, types of accounts, number of late payments and age of accounts are what determine the outcome of your credit score. Score factors can have a positive or negative effect on your credit score.
There are ways to improve your credit score:
FICO® is an acronym for FAIR ISAAC Company, the company that created and compiles credit score.
Disclaimer: Credit bureau-based scores cannot use demographics prohibited under the Equal Credit Opportunity Act, such as race, color, religion, national origin, gender, age, marital status, receipt of public assistance or exercise of rights under the Consumer Credit Protection Act. Scores used by individual lenders may use such elements as income, occupation, and type of residence in determining their own custom credit score.