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At a time when more people than ever are falling behind on their credit card, mortgage and auto loan payments, Fair Isaac Corporation, the creator of the popular FICO credit score formula, has introduced what they say is the most powerful upgrade to their scoring system.

Dubbed "FICO 08," the new credit score is supposed to do a much better job of predicting who will pay on time and who won't.

FICO scores range from a low of 300 to a high of 850. And, as lenders tighten up their credit standards, you may find that you need a FICO score about 20 to 40 points higher than last year just to get the same kind of deals you got then.

So it's more important than ever to stay on top of your credit reports and scores. Here are 7 ways that the new FICO credit score formula changes could affect you: