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This guide goes over the main determinants of your credit score, which factors matter the most and more.
In addition to the standard FICO score 8 or 9, credit card companies might use one of the following: FICO score 3. FICO Bankcard score 2. FICO Bankcard score 4. FICO Bankcard score 5. FICO ...
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 ...
A credit score is primarily based on a credit report, information typically sourced from credit bureaus. Lenders, such as banks and credit card companies, use credit scores to evaluate the potential risk posed by lending money to consumers and to mitigate losses due to bad debt. Lenders use credit scores to determine who qualifies for a loan ...
A credit score is one factor used in a lender’s assessment of your creditworthiness when you apply for a lending product, such as a loan, line of credit, or credit card. It can also be a factor ...
Lenders contend that widespread use of credit scores has made credit more widely available and less expensive for many consumers. [2] [3] Under the Dodd-Frank Act passed in 2010, a consumer is entitled to receive a free report of the specific credit score used if they are denied a loan, credit card or insurance due to their credit score. [4]
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