FICO credit scores are an important factor which can greatly affect your financial opportunities. Every time you apply for a loan, mortgage, or new credit card, the bank you are dealing with will use your credit report and FICO score to judge how likely you are to make your payments on time. The higher your score, the more likely you are to repay the loan on time and without any problems. Banks love people with good credit, and will reward them with lower interest rates and better terms on their loans.