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.
FICO is one of the most popular credit score models in the United States. It is used by lenders to determine a borrower’s creditworthiness. FICO scores can have a significant impact on a borrower’s ability to obtain a mortgage, a loan, or a business loan.
FICO scores are based on a borrower’s credit history and credit score. A credit history includes information about the payments that a borrower has made on credit cards, loans, and other types of debts. A credit score is a number that reflects a borrower’s creditworthiness.
A good FICO score can help a borrower get a lower interest rate on a loan, or a better loan terms. A bad FICO score can lead to a higher interest rate, or a denial of a loan.
FICO scores can also impact a borrower’s ability to get a business loan. A good FICO score can help a borrower get a lower interest rate on a business loan. A bad FICO score can lead to a higher interest rate, or a denial of a loan.
FICO scores are updated monthly. Lenders use the latest FICO score when making decisions about a borrower’s creditworthiness.
