How Does a FICO Score Impact Your Mortgage, Loan, or Business?
A FICO score is a credit score that is used by lenders to determine a borrower’s creditworthiness. A FICO score ranges from 300 to 850, with higher scores indicating a lower risk of default.
A FICO score is a numerical score that lenders use to evaluate a borrower’s creditworthiness. A high FICO score indicates that a borrower is likely to pay back debts and remain financially stable. A low FICO score may indicate that a borrower is more likely to default on loans or suffer financial setbacks.
A FICO score is used to determine a borrower’s eligibility for a variety of loans, including mortgages, car loans, and credit cards. A high FICO score may also help a borrower qualify for a better interest rate on a loan. A low FICO score may lead to a higher interest rate and a longer repayment period.
A FICO score is not the only factor that lenders consider when evaluating a borrower’s creditworthiness. Other factors, such as a borrower’s credit history and debt-to-income ratio, can also affect a borrower’s eligibility for a loan.
