what is a fico score
DEFINITION of 'FICO Score'. A type of credit score that makes up a substantial portion of the credit report that lenders use to assess an applicant's credit risk and whether to extend a loan.FICO is an acronym for the Fair Isaac Corporation, the creators of the FICO score.REAKING DOWN 'FICO Score'. Using mathematical models, the FICO score takes into account various factors in each of these five areas to determine credit risk: payment history, current level of indebtedness, types of credit used and length of credit history, and new credit.