Your FICO score determines if you are good at managing your money. Yet, a poor FICO score may be the result of a job loss, divorce or bankruptcy. Sometimes life happens and we get caught in a difficult place where bills don’t get paid on time. In this case, it may take some hard work and discipline to get on track and up your score. There are a lot of factors that determine the rate but your score does play a large role. The higher the FICO score the lower the rate will be. The lower the FICO score the higher the rate will be. There are times where taking the higher rate to get approved makes sense. This is where refinancing after your FICO score raises would work.