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The average FICO Score 8 in the US was 710 in 2020 and 716 in April 2021. [18] The FICO bankcard score, FICO auto score, FICO personal finance score, and FICO installment loan score are between 250 and 900. The FICO Mortgage Score and FICO Score XD 2 are between 300 and 850. [19] [20] Higher scores indicate lower credit risk. [21]
For example, industry-specific versions of FICO focus on auto loans and credit cards (referred to as “bankcards” in the context of FICO scores). How different FICO score versions are used
FICO scores are based on credit reports and "base" FICO scores range from 300 to 850, [3] while industry-specific scores range from 250 to 900. [11] Lenders use the scores to gauge a potential borrower's creditworthiness. [12] Fannie Mae and Freddie Mac first began using FICO scores to help determine which American consumers qualified for ...
In Australia, credit scoring is widely accepted as the primary method of assessing creditworthiness. Credit scoring is used not only to determine whether credit should be approved to an applicant, but for credit scoring in the setting of credit limits on credit or store cards, in behavioral modelling such as collections scoring, and also in the pre-approval of additional credit to a company's ...
A FICO score or other credit score of 500 or below is considered poor. The good news is that no matter the reason for your low score, there are things you can do now to raise your credit score ...
FICO (for Fair Isaac Corporation, the company that invented credit scoring) Getty By Marilyn Lewis A high credit score is your ticket to discounts in borrowing and insurance. It can also be a key ...