A FICO score is a numerical representation of your creditworthiness. It is used by lenders to determine whether to extend your credit and, if so, at what interest rate. Your FICO score is based on the information in your credit report and is intended to reflect your credit risk level. The higher your score, the lower your risk of defaulting on a loan. The five factors that affect your FICO are payment history (35%), credit utilization (30%), length of credit history (15%), new accounts (10%), and credit mix (10%).