When you apply for credit, the lender will want to know what type of risk you are and will pull your credit history or FICO (Fair Isaac Corporation— credit scoring model) score. Check out the Website: http://www.myfico.com/Default.aspx. There are three major credit bureaus: Experian http://www.experian.com, TransUnion http://www.transunion.com ) and Equifax http://www.equifax.com/home/en_us that monitor your credit history. Adjustments are made to your credit score by these bureaus as your buying and paying habits change. Your FICO score helps a lender decide what kind of risk you are likely to be. The higher the credit score and the lower the risk, the more likely a lender will extend you credit at a low rate.