What Is a FICO Score?
In plain English
A FICO score is a credit score created by the Fair Isaac Corporation using a proprietary formula applied to credit bureau data. Ranging from 300 to 850, it is the most commonly used credit scoring model in the United States. Most mortgage lenders, auto lenders, and credit card issuers use FICO scores as a primary factor in credit underwriting decisions.
What Are the Five Factors in a FICO Score?
FICO scores are calculated from five weighted categories: payment history (35%) — whether you pay on time; amounts owed or credit utilization (30%) — how much of your available credit you use; length of credit history (15%) — how long your accounts have been open; credit mix (10%) — the variety of account types; and new credit (10%) — recent applications and hard inquiries. Payment history and utilization together account for 65% of your score.
Which FICO Score Version Do Lenders Use?
There are dozens of FICO score versions tailored to different lending products. Mortgage lenders typically use older versions: FICO Score 2, 4, and 5 from the three bureaus. Auto lenders often use FICO Auto Score 8 or 9. Credit card issuers frequently use FICO Score 8 or 10. The score version matters because each weights factors differently. Most consumer-facing tools show FICO Score 8, the most widely used version overall.
How Is FICO Different From VantageScore?
FICO and VantageScore are separate scoring models with different formulas. Both use 300–850 ranges and similar factors, but they weight them differently. FICO requires at least six months of credit history and at least one account active in the past six months. VantageScore can generate a score with as little as one month of history. Lenders overwhelmingly favor FICO for major credit decisions, though VantageScore is used for some consumer-facing monitoring tools.
Frequently asked questions
Where can you get your FICO score for free?
Many major credit cards and banks provide free FICO scores as an account feature — Discover, Citi, Bank of America, and many credit unions offer this. You can also purchase your score directly from myFICO.com. Some versions of your score may differ from what a lender sees, depending on the bureau and version used.
Why do I have different FICO scores from different bureaus?
Each bureau has its own credit report with potentially different data, since not all lenders report to all three bureaus. The same FICO model applied to different underlying data produces different scores. Lenders may pull scores from one, two, or all three bureaus. For mortgages, lenders typically use the middle of your three scores.
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Related terms
Credit Score
A credit score is a three-digit number that summarizes your creditworthiness based on your credit history. Lenders use it to decide whether to approve loans and at what interest rate.
VantageScore
VantageScore is a credit scoring model created jointly by the three major credit bureaus as an alternative to FICO. It uses the same 300–850 scale and similar factors.
Credit Report
A credit report is a detailed record of your borrowing and repayment history compiled by credit bureaus. It is the source data used to calculate your credit score.
Credit Bureau
A credit bureau is a company that collects and maintains consumer credit information. The three major bureaus — Equifax, Experian, and TransUnion — compile your credit reports used by lenders.
Payment History
Payment history is a record of whether you have paid your credit accounts on time. It is the single most important factor in your credit score, accounting for 35% of your FICO score.
Credit Utilization
Credit utilization is the percentage of your available revolving credit that you are currently using. It is one of the most influential factors in your credit score.
Credit Mix
Credit mix refers to the variety of credit account types in your credit history, including credit cards, installment loans, mortgages, and auto loans. It accounts for 10% of your FICO score.
Credit Age
Credit age, or length of credit history, refers to how long your credit accounts have been open. Older accounts and a higher average age generally help your credit score.