Your FICO score is the dominant method lenders use to assess how deserving you are of their credit. Whether you're looking to get a mortgage, car loan or home-equity loan, you're going to get scored. FICO scores range from about 300 to 900. Generally, the higher the score, the lower the credit risk.
Scores also fluctuate depending on credit activity.
Since credit bureaus only calculate your score at the lender's request, it will be based on the information in your file at that particular credit bureau, at that particular time only. About 35 percent of your FICO score is based on this, which includes late payments, delinquencies and bankruptcies. About 30 percent of your FICO score, this includes what you owe on your credit cards and how much you owe on installment loans, compared with the original amounts of the loans. How long you've had accounts and how often you use them, this accounts for about 15 percent of your FICO score. This makes up about 10 percent of your FICO score.