A FICO score is a credit score developed by Fair Isaac & Co. to determine the likelihood that someone will pay their bills. A credit score consolidates a borrower's credit history into a single number.

Credit scores analyze a person's credit history taking into account such things as:
* Late payments
* The amount of time credit has been established
* The amount of credit used versus the amount of credit available
* Length of time at present residence
* Employment history
* Negative credit information such as bankruptcies, charge-offs, collections, etc.

There are really three FICO scores computed by data provided by each of the three credit bureaus––Experian, Trans Union and Equifax. Some lenders use one of these three scores, while other lenders may use the middle score.

Can you increase your score? It is difficult to increase your score over the short run, but you can improve your score over time. Practice the following to see a higher score:

* Pay your bills on time. Late payments and collections can have a serious impact on your score.

* Do not apply for credit frequently. Having a large number of inquiries on your credit report can bring your score down.

* Reduce your credit-card balances.Do not "max" your cards.

* Obtain additional credit if you do not have a lot of credit. Not having sufficient credit can negatively impact your score.

* Correct errors on your report. If you see an error, contact the credit bureau. The three major bureaus in the U.S., Equifax, Trans Union, and Experian, all have processes to correct information. Your mortgage company may help you correct this problem as well.

Estimate your FICO score here!