How Is My FICO Score Calculated?

by Peter Carville Would-be borrowers are having an increasingly difficult time getting approved for home and car loans, in the face of a declining economy. Although you can’t control how the banks define their lending criteria, you can control how your credit score develops - and the primary step towards improving your score, is learning how it’s calculated. Your credit score, referred to as a FICO score, is an indication of your creditworthiness; it’s a simple three-digit number that will d