Today’s posting will give you the FICO credit score breakdown.   Knowing what to do and the areas to focus on when rebuilding your credit or if you’re looking to increase your credit scores can be the difference between success and failure.

The term credit score usually refers to your FICO score, a number based on a formula developed by the Fair Isaac Corporation, which looks at a summary of all your credit accounts and payment history. Your FICO (credit) score determines your access to and cost of credit. Most lenders use it as the main basis for loan or credit approvals, so the higher the better and the lower the more problems. FICO score ranges from 300-850, and Fair Isaac calculates them for each of the three big credit reporting agencies: Transunion, Equifax, and Experian.

Here’s how your score is determined: