A credit score is a number based on a calculation by a mathematical model using pre-determined parameters to evaluate your credit worthiness. Credit scoring is based on your current and past credit history. Your credit score is a summary of your credit history, your current credit, and even a prediction of your future credit performance. The three major credit bureaus worked with Fair Isaac Company (FICO) to develop credit scoring models. Each credit bureau can calculate your credit score based on the information in that bureau’s credit files. This credit score is then used by the lender/broker in determining whether you qualify for the loan for which you are applying.