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. A high FICO score means that the borrower is likely to pay back the loan on time and in full. A low FICO score means that the borrower is more likely to default on the loan.
The FICO score is based on a variety of factors, including the borrower’s credit history, the amount of debt that the borrower is carrying, and the borrower’s credit utilization ratio. A high FICO score means that the borrower is likely to be able to pay back the loan on time and in full. A low FICO score means that the borrower is more likely to default on the loan.
Lenders use a variety of factors to decide whether to approve a loan. The FICO score is one factor that lenders use to make decisions about whether to approve a loan.
