The phrase "FICO" is derived from Fair Isaac Credit Organization, and a FICO score is a standard credit score, or credit rating, comprising a significant part of most creditors’ evaluation of potential debtors, especially during mortgage proceedings. The FICO score is a statistically calculated numeric index which estimates an individual’s credit worthiness and capacity to repay financial obligations. A FICO score summarizes how often an individual uses credit and evaluates their performance in credit use over the past several years. The FICO score is expressed as a number between 300 and 850, with higher scores indicating superior credit worthiness. The FICO score will determine not only if a mortgage is offered, but also the terms and conditions attached to any offered mortgages.