FICO Score : A Number for Your Credit History

Some facts about FICO score:
FICO credit scoring system was developed by Fair, Isaac and Co.
It ranges in between 350 to 850. More the better.
The score tells lenders how likely you are to pay a credit obligation or
repay a loan on time. If you have higher scores, you are likely to get
lower interest rates in mortgages and sometimes even in credit cards
and you'll be more in a position to demand some favors from your
creditors.

The following criteria (in order of importance) determines your score:
- Payment History
- Amount currently owed
- Length of credit history (established in USA)
- New credit (newly opened accounts lower your score)
- Types of accounts in Use (whether your mix of credit accounts, i.e.
mortgages, installment loans(like car loan) and credit cards, is a healthy
one. Having too many of one type goes against you.