What is a FICO Score?
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.
The FICO score is a credit score that lenders use to make decisions about whether to approve a loan or credit card application. The higher the score, the better.
The FICO score is based on a variety of factors, including your credit history, payment history, and credit utilization. A high FICO score can help you get a lower interest rate on a loan or credit card, and can also help you get a better loan or credit card terms.
A low FICO score can mean that you’ll pay higher interest rates on a loan or credit card, and you may not be able to get a loan or credit card at all. A low FICO score can also mean that you’re more likely to be approved for a loan or credit card that has higher interest rates and fewer terms.
The FICO score is one factor that lenders use when deciding whether to approve a loan or credit card application. However, a high FICO score doesn’t guarantee that you’ll be approved for a loan or credit card.
