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A credit score is a numerical expression based on a level analysis of a person's credit files, to represent the creditworthiness of an individual. [1]
The classic FICO credit score (named FICO credit score) is between 300 and 850, and 59% of people had between 700 and 850, 45% had between 740 and 850, and 1.2% of Americans held the highest FICO score (850) in 2019. [15] According to FICO, the median FICO credit score in 2006 was 723 [16] and 721 in 2015. [17]
Each bureau assigns consumer credit scores based on the information it receives from creditors, which means a consumer could have a different FICO score from each bureau.
The FICO credit scoring model uses five factors to determine your credit score: payment history, credit utilization, credit history, credit mix and recent credit applications.
FICO credit scores between 580 and 669 are considered fair, and those between 740 and 799 are very good. A poor FICO credit score is anything below 579. ... known as your credit utilization ratio ...
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.