What Is a FICO Score?
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.
The FICO score is a credit score that lenders use to make decisions about whether to approve a loan. The score is based on a variety of factors, including your credit history, payment history, and credit utilization.
The FICO score is one of the most important factors in determining whether you will be approved for a loan. However, your FICO score is only one factor that lenders use when making a decision. Other factors that lenders consider include your income, assets, and credit history.
If you have a low FICO score, you may be required to submit additional documentation or meet other requirements to get a loan. A low FICO score can also lead to higher interest rates and decreased loan availability. If you are considering a loan, it is important to keep your FICO score in mind. You can get your FICO score free every month on Credit.com.
