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What Is A Fico Score

What is a FICO® score?

Your Fico® Score is determined by your credit report which consists of a compilation of credit accounts from the past to the present.   Your report records almost all financial obligations from Mortgage loans to Utilities.  Your credit report will also record your name, addresses you have ever lived at, and employment history.  A consumer will also see some form of public records.  Recently, the 3 Bureaus removed the recordings of Tax Liens and Civil Judgments; however, those items still remain in public records.  Bankruptcies remain being reported.

Let’s break down the FICO® scoring models

FICO® Score

Lenders have been using the FICO® scores, created by Fair Isaac Corporation, in 1989, and the scoring models have gone through many changes since its inception. These scoring models have many variations to them and they offer specific scoring algorithms for different types of industries.

Below are the most commonly used FICO® Models

FICO® 9 This is the newest version and has not yet caught traction.

FICO® 8 Commonly used for Auto and bankcard lending

FICO® 5 is Used by the Mortgage industry and is constructed by Equifax data

FICO® 4 is Used by the Mortgage industry and is constructed by Transunion data

FICO® 2 is Used by the Mortgage industry and is constructed by Experian data

When checking your credit scores keep in mind that if you are checking it from your bank you could be viewing a FICO® score that can be much different than what a mortgage or Auto lender will pull. You can view all the different types of FICO® scores at

Base FICO® scores range from 300 to 850 and are made up of the following factors:


      • Payment history: 35%

      • Amounts owed: 30%

      • Length of credit history: 15%

      • New credit: 10%

    • Credit mix: 10%


If you need help improving your credit score, contact us Toll Free: 855-598-0446 or visit our webpage for a free consultation.


Experts in all things credit and debt, My Credit Group has been working in the credit industry for more than 19 years and is considered a leading authority in the field.

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