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The credit score is used since the 1980s as an algorithm to check the consumers risk by the lenders and banks.
Because of this algorithm and the methods used to calculate it, most of the customers are having wrong conceptions about how they can keep their credit scores in good shape.
At this moment the average credit score in U.S. is around 660 with many people having low credit scores which also includes problems to get approvals for getting a loan, a mortgage and credit cards.
For a better understanding of the credit score you need to also understand the following points:

1) Because there are many methods to calculate the credit score based on each industry (for example the credit bureaus can calculate different credit scores for a mortgage lender and for a payday loan lender), the FICO score is the most important but even so the score can differ with some points.
2) Use credit cards to keep your good credit score. When you have a credit card and you pay in full every month your credit score will increase. This can be also achieved by an installment loan (for example a mortgage). Try all kind of credit types and try to pay them on time so you can increase your credit score.
3) The credit score can decrease or increase everytime there is a change in your credit report. For example the credit bureaus are updating the credit reports every 30 days for credit card issuers but this can also be updated immediatelly if a hard inquire is made.
4) Check your credit score to see if is good or bad. A credit check can be made in two different situations. When you just check your credit score and this will not affect your rating and when you apply for a mortgage or credit card and your provider will require a credit report. Anyway, it’s a good idea to keep track of your credit score evolution.
5) If you have a perfect credit score then is also required to be careful in time because now your rating can decrease quicker. For example if you have a credit score of 750 and a friend of you has a credit score of 650 and both have a 30 days late payment, your credit score will decrease more than your friend credit score.
6) Many of you have the wrong belief that your credit score will influence your job opportunities. Indeed they will look at your credit report to see your credit history but this can’t be made without your approval. This is why keeping an eye on your credit score can help you a lot.