Your credit score is a vital indicator of your financial well-being. It’s the standard way for lenders and creditors to quickly evaluate your financial well-being. This 3-digit number is a numerical summary of your credit-worthiness based on information in your credit file.

According to Fair Isaac, your payment history and amounts owed are the top two categories affecting your score, together accounting for 65% of your credit score. The remaining 35% is derived from your length of credit history (15%), new credit (10%), and types of credit in use (10%).

Here are some facts about your credit score:

• the original credit scoring system is called FICO and was developed by Fair Isaac Corp.
• FICO scores range from 300 to 850
• The median FICO score is 723 - half are above this number and half below [source: Fair Isaac]
• See Credit FAQ for more information

If you’d like to gain more insight on your financial grade report, don’t miss our Top 10 Ways to Improve Your Credit Score.