Your Credit Score: What it means
Before lenders decide to lend you money, they want to know that you're willing and able to pay back that loan. To assess your ability to repay, they assess your income and debt ratio. In order to calculate your willingness to pay back the mortgage loan, they consult your credit score.
Fair Isaac and Company formulated the original FICO score to assess creditworthines. We've written a lot more on FICO here.
Your credit score is a result of your repayment history. They don't consider income or personal characteristics. These scores were invented specifically for this reason. "Profiling" was as dirty a word when these scores were first invented as it is now. Credit scoring was invented as a way to consider solely what was relevant to a borrower's willingness to pay back the lender.
Your current debt level, past late payments, length of your credit history, and a few other factors are considered. Your score is based on the good and the bad of your credit history. Late payments count against your score, but a consistent record of paying on time will raise it.
To get a credit score, borrowers must have an active credit account with a payment history of six months. This history ensures that there is sufficient information in your report to calculate an accurate score. Some people don't have a long enough credit history to get a credit score. They may need to spend some time building a credit history before they apply.