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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 ...
FICO® Bankcard Score 10 FICO® Score 10T How FICO scores are calculated Each FICO version weights different aspects of your credit history slightly differently, but all FICO scores are calculated ...
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]
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 ...
You can see your FICO score through any credit bureaus — Equifax, Experian or Transunion — or from FICO itself. If you want to get a free FICO score, check with your bank or credit card issuer ...
Credit scores usually range from 300 to 850 showing the customer's creditworthiness. A customer with a high credit score shows that they are creditworthy and banks will have no problem giving them a loan. If a customer has a low credit score then banks would be hesitant to give out a loan and if they do it might be with a higher interest rate.
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