Payment history and debt totals are important parts but not the only factors in determining your FICO Score.

When it comes to Credit Scores, FICO is most common. Regardless of what credit report you obtain most people will refer to your credit score as your FICO Score. Almost all banks or Lenders in the United States use FICO scores to decide whether to offer credit to potential borrowers and at what interest rate. FICO has a major global presence, as well: According to the company's testimony before a House Financial Services Committee, FICO Score are used in about 10 billion decisions worldwide each year. Did you catch that, 10 BILLION.

So how does FICO or the correct name Fair Isaac Corporation, come up with its widely used score?

Mortgage rates have slowly begun to rise just as the spring home-buying time nears. This could be perilous to the recovery in housing markets.

Mortgage finance company Freddie Mac said that the average rate on a 30-year home loan this week in the U.S. jumped to 5.21 percent, from 5.08 percent last week. It represents the highest rate for 30-year mortgages since Aug. 13, nearly eight months ago.

In early December, the rate stood at 4.71 percent, a historic low.