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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]
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 ...
For example, industry-specific versions of FICO focus on auto loans and credit cards (referred to as “bankcards” in the context of FICO scores). ... like Experian also offer a free FICO Score ...
According to The Fair Issac Co (The creator Of the FICO Score, authorized user accounts are legal and FICO 08 will include authorized user accounts in its credit score calculations. The Fair Issac Co estimates there are approximately 50 million consumers who re-added as authorized users on other peoples accounts.
Credit mix makes up 10% of your FICO® Score, so the more diverse your credit selection, the more this part of your score will improve. Don't close old accounts. Closing old credit cards will ...
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 ...
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