By Dorkys Ramos | 04/15/2010 - 15:00
When you apply for a mortgage or an auto loan, the amount of money in your account isn’t the only number lenders look at to make their decision. They instantly judge your credit worthiness based on your three-digit credit score, and a low one could label you as a risky borrower and stand between you and a low interest rate on that loan. So what exactly determines that number? Your FICO score—the most commonly used one—is based on info in your credit report like your payment history, amounts owed, length of credit history, new credit and the types of credit used.