A high FICO score gives you a better credit rating
FICO is your personal credit score, a tool used by credit agencies to assess your financial status. FICO stands for Fair Isaac Company, the organization that created this credit report score. FICO is the most trusted and the most frequently used score, especially by auto loan lenders. Other credit institutions such as leasing firms, rental firms, and mortgage firms, also use FICO ratings to make decisions about extending finance for a loan.
Your FICO score can be anywhere between 300 and 850; the higher the score, the better your credit rating is. The score will be awarded according to your financial behavior and credit history. Very often, with a high FICO score, you can negotiate for a lower interest rate on a loan.
You can improve your FICO score by regularly paying your bills, being discretionary with credit card withdrawals and wiping your old debts clean. You need to be able to handle your credit well to enjoy a good financial profile.