How Your FICO Score Affects Your Mortgage, Loan, and Business Credit Applications
A FICO score is a credit score that is used by lenders to determine a borrower’s creditworthiness. The score ranges from 300 to 850, with a higher score indicating a lower risk of default.
Your FICO score is a number that lenders use to determine your creditworthiness. It’s a three-digit number that ranges from 300 to 850. Your FICO score affects your mortgage, loan, and business credit applications.
Your FICO score is based on your credit history, including the payments you’ve made on your credit cards, loans, and other debts. Your FICO score also takes into account the credit limits you’ve been approved for and the terms of your loans.
Your FICO score is important because it affects your borrowing costs. A high FICO score means you’ll likely be approved for a lower interest rate on a loan. A low FICO score can mean you’ll be approved for a higher interest rate on a loan.
Your FICO score also affects your eligibility for business credit. A high FICO score means you’re a more likely candidate for a business credit card. A low FICO score can mean you won’t be approved for a business credit card.
