FICO is the acronym for Fair Isaac Corporation, and FICO score is the most renowned model of credit score used in the United Sates. Using the information of the credit files of a consumer, FICO score helps the banks and credit card companies take the decision if that consumer should be lent money or not. Moreover, the FICO score also determines, by analyzing statistically the credit files of the consumer, the interest rate, and the amount of money or credits to be lent. In other words, to make things simple, if a consumer's FICO score is low, and if he wants to lend money, he will be charged higher interest rates, and will be demanded of more collateral.