FICO stands for the Fair Isaac Corporation, and you can thank them for the credit scores that most major lenders use to determine if you’re worthy of a mortgage. FICO takes the scores from all three major credit bureaus and combines them into one score. The credit score is a big part of the formula when it comes to determining whether you get a loan. A low score can get you in the door, but a high score will get you much farther.

Credit scores — they’re like report cards for grown-ups. It’s a three-digit “grade” you get on a scale that ranges from 300 to 850. Your score indicates your creditworthiness to potential lenders, banks, landlords, insurance companies, and even to some employers, for instance. I’m sure you know that the higher your score the better.

This list of popular secured credit cards should be a valuable resource for all of you. Going forward, when I review a secured credit card, I’ll rank it and add it to this list so we have a “master list” of secured credit cards.

Credit card perks can be very useful and with one or two good cards — you could be enjoying free airline flights, free hotels stays and more.

Understand that a 600 credit score will not bring you reasonable mortgage offers. While you may have an option or two, you will not find a choice that mirrors the home loan rates you read about. You might find a lender willing to offer you a mortgage if you can strongly defend the circumstances that caused your depressed credit score. Your best option, in these circumstances, is an FHA loan.