FICO 08

Filed Under » , , ,
Dictionary Says

Definition of 'FICO 08'

A credit-scoring model introduced in 2009 by the FICO company to provide a more accurate picture of a potential borrower's ability to repay a loan. In particular, it is meant to provide a more accurate assessment of low-risk consumers whose scores were blemished by minor delinquencies, consumers with minimal credit history and consumers with poor credit.
Investopedia Says

Investopedia explains 'FICO 08'

The new formula ignores minor slipups, such as delinquencies with an original amount of $100 or less. It also weeds out people who had been inflating their credit scores by paying a stranger with better credit to add them as an authorized user on one of their credit card accounts (a practice known as "piggybacking"). The range of possible credit scores remains unchanged under the new system.

Related Definitions

Search results for

'FICO 08'

  • New Credit Scoring Forgives Small Debt

    http://www.investopedia.com/articles/pf/09/fico08-forgives-small-debt.asp
    FICO 08 means that certain types of old debt won't affect
    your credit score, but it's not all good news. ...

  • Fair Isaac A Fair Investment

    http://stocks.investopedia.com/stock-analysis/2009/Fair-Isaac-A-Fair-Investment-FICO-EFX-C-TRV-ALL1201.aspx
    ... Posted: Dec 01, 2009 08:58 AM by Ryan C. Fuhrmann , CFA. ... Fair Isaac Corp
    (Nasdaq:FICO) is best known for its FICO scores, which are compiled and created ...

  • How To Establish A Credit History

    http://www.investopedia.com/articles/pf/08/establish-credit-history.asp
    Can't get a credit card without a credit history, and can't
    get a history without a card? Break the Catch-22.

  • Financing Basics For First-Time Homebuyers

    http://www.investopedia.com/articles/mortgages-real-estate/08/homebuyer-financing-option.asp
    ... In addition to checking the borrower's FICO score from the three major credit bureaus,
    lenders will require information to determine two standard statistics ...

  • Should You Close Your Credit Card?

    http://www.investopedia.com/articles/pf/08/close-credit-card.asp
    ... 34% ($2400/$7000). FICO (NYSE:FIC) suggests that you keep your balance/limit
    ratio as low as possible. What to Do? Before deciding ...

  • Reduce Interest With An All-In-One Mortgage

    http://www.investopedia.com/articles/mortgages-real-estate/08/offset-mortgage.asp
    ... Suitability One of the main caveats of this type of loan is that most lenders who
    offer accelerated mortgages require borrowers to have FICO scores of at least ...

  • 7 Tips For The Do-It-Yourself Debt Manager

    http://www.investopedia.com/articles/pf/08/debt-management.asp
    Hired gun not in your budget? Learn to be your own credit counselor.

  • The Importance Of Your Credit Rating

    http://www.investopedia.com/articles/00/091800.asp
    ... January 08 2008 | Filed Under » Credit Cards, Personal Finance. People have become
    increasingly ... You may hear the term FICO score in reference to your credit ...

  • What is the difference between bad credit and no credit?

    http://www.investopedia.com/ask/answers/07/bad_credit_vs_no_credit.asp
    ... January 08 2008 | Filed Under » Credit Cards. Tweet. Email Email. Print Print. Order ...
    credit risk, and are an essential component used to calculate your FICO score ...

  • Lending Clubs: Better Than Banks?

    http://www.investopedia.com/articles/pf/09/lending-clubs.asp
    ... Borrowers of Lending Club need to have a FICO credit score of 660, a debt-to-income
    ratio under 25% and a credit profile without current delinquencies or ...

Related Articles

Bank Rates
Product Today Last Wk
$10K MMA 0.50% 0.51%
MMA 0.45% 0.46%
6 Month CD 0.46% 0.47%
1 Year CD 0.70% 0.75%
5 Year CD 1.46% 1.46%
1 Year Jumbo CD 0.66% 0.67%
Rate data provided by Bankrate
Product Today Last Wk
$30K HELOC 4.59% 4.60%
$30K Home Equity Loan 5.74% 5.77%
$50K Home Equity Loan 5.45% 5.50%
$50K HELOC 4.24% 4.24%
$100K Home Equity Loan 5.41% 5.46%
$100K HELOC 4.13% 4.13%
Rate data provided by Bankrate
Product Today Last Wk
30 Year Fixed 3.80% 3.80%
15 Year Fixed 3.09% 3.11%
1 Year ARM 3.54% 3.53%
30 Year Fixed Jumbo 4.38% 4.38%
5/1 ARM 2.65% 2.69%
3/1 ARM 2.69% 2.69%
Rate data provided by Bankrate
Product Today Last Wk
60 Month Used Car Loan 4.51% 4.51%
48 Month Used Car Loan 4.35% 4.35%
48 Month New Car Loan 3.24% 3.24%
36 Month Used Car Loan 4.34% 4.36%
36 Month New Car Loan 3.11% 3.13%
60 Month New Car Loan 3.35% 3.34%
Rate data provided by Bankrate
Partner Links