If you've ever been denied a loan or a credit card, it's probably because of your credit score, according to NewsChannel5.

Everyone has a score, but most people don't know how they score. Credit bureaus have been keeping the score a secret, but there is a way to find out.

The credit score is called Fico. It's the sole piece of information that most financial institutions use to decide financial futures.

WEWS says that getting it and understanding it is critical for all consumers.

Many people say that credit reports are confusing.

Credit bureaus, such as Equifax, have decided to sell the information.

In fact, Equifax is leading the movement by offering the score and personalized analysis of what it means.

Understanding the reason codes, can help you improve your credit rating.

Reason 10 is the single most important factor given when denying credit. It's given if the proportion of your balances to your credit limit is too high. If this is a problem, consumers should pay down balances.

Don't shift or consolidate balances or open new accounts. You may get a lower introductory APR, but your FICO score will most likely go down.

Reason 14 is the second most common.

The length of time your accounts have been established. If consumers have 14, try to build a long credit history with the same companies.

Reason five means you have too many accounts with balances.

Reason eight means too many inquiries have been made on your report in the past year.

Go to scorepower for more information.

Experian and Trans Union plan to sell their credit scores directly to consumers later in the year.

Previous Stories:

• March 16, 2001: Credit Bureaus Release Scores
• February 15, 2001: Are Credit Cards For Teens A Good Idea?
• February 8, 2001: Lots Of Cards Could Mean Bad Credit
• January 5, 2001: Check Your Credit At Least Once A Year