We all know that we have a credit record which is compiled by several major credit bureau and one particularly important element of your credit record is your FICO score. So just what is your FICO score and how can it affect your debt management decisions? FICO is an acronym formed from the initial letters of the Fair Isaac Corporation who created this system of credit scoring and is a number which is generally between 350 and 850 which ranks credit worthiness according to the proprietary algorithm formulated by the company, with 350 being the worst score.