![]() Each of these agencies refers to their FICO score as follows:Įach of these credit agencies calculate your FICO score based on your credit history they have on file, meaning you can have up to three different FICO scores at one time (hence the three different names). It is important to know that your FICO score can be referred to as three different names one for each of the three main credit reporting agencies. The breakdown of what is considered to be an excellent, good, fair, and bad credit score are as follows: The higher the number, the better, or more credit-worthy you are perceived to be by lenders. Credit scores produced from the FICO model range from 300-850. The Fair Isaac Corporation (FICO) is currently the most widely used credit score in the United States. Depending on which outlet lenders use to obtain your credit score, your score may vary slightly. According to Credit Karma, there are actually over 100 different credit scoring models used in the industry that varies by bureau, reporting agency, model type, and lender. So, what is a credit score? The technical definition is a number assigned to a person that indicates to lenders the probability that a loan will be repaid on time. Many people may know what their credit score is, but they may not know what exactly that number means and how it affects them financially. ![]() Your credit score is an extremely important number that directly impacts your ability to obtain any sort of credit such as a personal loan, credit card, mortgage, or car loan. ![]()
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