FICO Credit Scores
by Steve B. Spokesperson for FaaastCashA credit score is an important factor to qualify for traditional loans. Your credit score determines your credit-worthiness as a borrower.
The term “FICO” is derived from the company name “Fair Isaac Corporation.” Credit agencies and lenders use FICO credit scores to determine the credit-worthiness of borrowers.
A FICO credit score is a three-digit number which shows the repayment probability of a borrower.
The FICO scores range from 300 to 850 and a good FICO score starts from 670 and up. Higher credit score means lower risk to the insurance firms or lending agencies.
A good credit score is important for home loans and mortgage loans. Short-term payday loans are processed even with poor credit scores, but the lowest credit score that lenders accept varies from one lender to another.
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Created on Aug 12th 2019 06:00. Viewed 420 times.