What is a FICO score?

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2008-04-06 02:48:36

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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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2008-04-06 02:48:36
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Is FICO score and credit score the same thing?


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

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.

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.

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.

Who reports your FICO score?

your self

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