The FICO® Score, created by the Fair Isaac Corporation, is the most widely used credit scoring model in the United States. According to FICO, their scores are used in over 90% of lending decisions by major US banks and credit card issuers.
FICO vs. VantageScore
While many free credit monitoring apps (like Credit Karma, CreditWise, and Credit Journey) provide a “VantageScore”, your FICO Score is generally the number that actually determines your credit card approvals, interest rates, and credit limits.
Because the algorithms differ, your VantageScore and your FICO Score can sometimes be dozens of points apart. If you are applying for a premium travel card or a mortgage, it is critical to know your FICO score.
Getting Your FICO Score for Free
Many major credit card issuers now provide a free FICO score updated monthly as a perk for cardholders. Depending on the issuer, this score might be based on your Experian, Equifax, or TransUnion report.
Banks offering free FICO scores to cardholders include:
- Discover: Provides a free FICO® Score 8 based on TransUnion data (often available even if you aren’t a cardholder via the Discover Credit Scorecard).
- American Express: Provides a free FICO® Score 8 based on Experian data for cardmembers.
- Bank of America: Offers a free FICO® Score 8 based on TransUnion data.
- Citi: Offers a free FICO® Score 8 based on Equifax data.
The FICO Score Breakdown
Your FICO Score is calculated using five major components:
- Payment History (35%): Making on-time payments is the most important factor.
- Amounts Owed (30%): Keep your credit utilization (balances relative to credit limits) as low as possible.
- Length of Credit History (15%): Older accounts boost your score.
- New Credit (10%): Opening many new accounts in a short period lowers your score.
- Credit Mix (10%): Having a healthy mix of revolving credit (cards) and installment loans (auto/mortgage) helps.