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A FICO Credit Score is a formula that translates personal information to a credit report. FICO credit score is comprised of a a three digit score ranging from 300 to 900. Your credit score reflects creditworthiness. Lenders use your credit score to determine if you are a good candidate for credit and likely to pay your bills.

A Foreclosure on Your Credit History

Credit - Foreclosures or deed in lieu of foreclosure are serious negative pieces of information on your credit history. They are directly associated with bankruptcy, and they can drop your FICO credit score by over a hundred points, depending on where it is when the bank forecloses.

In most cases, it can take several years of on-time payments to rebuild your FICO credit score, and as many as seven years for the effect of either of these two unfortunate events to clear away.

Tips on Improving FICO Credit Scores

FICO Credit Score - Your credit score is only as good as what shows up in your credit report. Review your reports from all three credit bureaus for accuracy once a year as well as several months before applying for a loan. Changing a mistake on your report - such as a payment that is wrongly labeled as late -- can take 30 days to three months, sometimes longer.

Learn About FICO Credit Score Lines

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