Billionaire investor Warren Buffett has a FICO credit score of 718, just under the U.S. median, according to a published report.

That might seem low for someone with so much net worth. But a high income doesn’t boost a score and a lot can hurt one, limiting a person’s ability to get mortgages or other loans at a favorable interest rate.

Knowing the score and keeping credit squeaky clean is especially important now that lending standards for mortgages and other kinds of loans have tightened.

The FICO score is named after its creator, credit-rating firm Fair Isaac (FIC). It is the most widely used consumer credit rating model in the U.S. A FICO score from 750 to 850 is typically considered excellent, 660 to 749 is good, 620 to 659 is fair, and anything below 619 is poor. The national median is 723.

A statistical analysis of a person’s credit report at a major credit bureau — Equifax (EFX), Experian or TransUnion — determines his FICO score. It is meant to reflect creditworthiness, the likelihood that a person will pay his debts. ,small>[source]

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