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A FICO score is a numerical evaluation of your creditworthiness as a borrower. If you take a loan (such as a mortgage) out, this score helps the lender evaluate your ability and willingness to pay back that loan. The FICO score attempts to determine the likelihood you will repay your bills based on a number of factors. Your FICO scores are computed by credit bureas based on your history. The three major credit reporting bureas are Experian, Trans Union, and Equifax, each of which computes a score based on a unique model. While credit bureaus do not reveal how exactly the FICO score is computed (which has been ruled acceptable by the Federal Trade Commission), the following factors are known to be among the determinants of your FICO score: * Amount of Credit Used vs. Amount of Credit Available (e.g., have you maxed out several credit cards?) * Late Payments on Credit Cards * Employment history * Length of Time at Current Residence * Negative Credit Events (e.g., bankruptcies, collection agencies, etc.) Note that never having had a credit card or loan isn't necessarily good for your credit score, as you will simply have no credit history on which to judge your FICO score.

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โˆ™ 2008-04-06 02:48:36
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Q: What is a FICO score?
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Related questions

How can i increase your fico score?

Which action will help increase a low FICO score?

What does the word fico mean in slang?

Fico is what one would call a peson's credit score. FICO is an acronym for the Fair Isaac Corporation, the creators of the FICO score. A person's FICO score will range between 300 and 850

Is your beacon score and FICA score the same?

A beacon score is just the name given to the equifax branded FICO score. So your FICO score and beacon score will be the same if your FICO score is pulled using your equifax credit report.

Can you get a good mortgage rate with a FICO score of 686?

FICO score for mortgageDepends on your definition of "good". You can get a mortgage with 686 score. FICO score over 720 will get you the best mortgage rate.

How can a FICO credit score be obtained?

A FICO score is obtained with information taken from a person's available credit information. The score is sold by the FICO Company to interested financial institutions.

What is the highest possible FICO score?

900 Sorry, 900 is not it Highest FICO score is 850

Where can one get their FICO score?

The best place to go on the internet for information regarding their FICO score is the website called myFICO. The site provides everything one would need to know about their FICO score.

Can you qualify for a mortgage with a fico score of 567?

It is hard to qualify for a mortgage with a Fico score of 567. Most lenders, including FHA, require individuals to have a minimum Fico score of 580 to qualify for a mortgage.

Can a stranger find your Fico score?

the only way to get your FICO score if to access your credit report if they can get your report they can get your score. check out for more information

What is range of FICO scores?

The FICO score ranges between 300 - 850.

Does checking your fico score lower your fico score?

if you check it wount lower your score. If you are applying for a loan and multiple people pull your credit it will drop some.

Is a 674 fico score good or bad?

A 674 FICO score is considered to be good. The higher the score the better. 700 and above scores are considered the best.

Are credit score and FICO score the same?

Credit score could be any number of diffrent scoring models a FICO score is from a specific company that was named Fair Issic Company but now goes by just FICO for more info check

What is a perfect fico score?


How does your FICO score change?

shut ...

Who reports your FICO score?

your self

What does a high fico score mean?

A high fico score means you could have anywhere from a good credit rating to an excellent credit rating. If you have a high fico score, it means you pay your bills on time with no late or missing payments.

Where can you find your fico score online?

To find a FICO score online, would would first have to find and contract with a credit bureau that operates online. Most businesses offer FICO along with other credit score checks.

How credible is a free fico score?

If you're looking for a free fico credit score, online is not the safest way to do it. Sure, some of them are legit but some are not. However, the free fico credit score site is verified by trusted publishers.

Is 683 a good fico score?

Yes 683 falls into the good range on the FICO score scale. To be in the good range, your score must be between 680 and 740.

What percent of borrowers have a FICO score greater than 740?

fico what percent have that or better

Can you get a loan with only 1 fico score?

FICO scores do not go down to 1.

Is FICO the only credit score company?

No Fico is not the only credit score company. There are three major credit companies as well as Fico. Experian, Equifax and Trans-Union. Each one will give you a different credit score as well

How much will removal of incorrect collection account increase fico score?

How much will removal of incorrect collection account increase fico score?

How is a FICO Score different from a Credit Score?

FICO stands for Fair Isaac Corporation, which is a company that calculates the credit score that most creditors use to determine your creditworthiness. So, your FICO score is a type of credit score. They use the information that each of the three credit bureaus (Experian, Equifax, TransUnion) possess on each consumer, and they turn that information into your FICO score. However, there are many other companies, including the credit bureaus themselves, the create their own versions of your credit score, and these scores are often different than your FICO score, since they are not using the same mathematical calculations to come up with your score.