FICO Score

Filed Under » ,
Dictionary Says

Definition of 'FICO Score'

A type of credit score that makes up a substantial portion of the credit report that lenders use to assess an applicant's credit risk and whether to extend a loan.

FICO is an acronym for the Fair Isaac Corporation, the creators of the FICO score.
Investopedia Says

Investopedia explains 'FICO Score'

Using mathematical models, the FICO score takes into account various factors in each of these five areas to determine credit risk: payment history, current level of indebtedness, types of credit used and length of credit history, and new credit.

A person's FICO score will range between 300 and 850. In general, a FICO score above 650 indicates that the individual has a very good credit history. People with scores below 620 will often find it substantially more difficult to obtain financing at a favorable rate.

Articles Of Interest

  1.

    What's On A Consumer Credit Report?

    A look at the various components and considerations that go into one's credit report and credit score.

  2. The Importance Of Your Credit Rating

    A great starting point for learning what a credit score is, how it is calculated and why it is so important.

  3. Don't Put Off Your Year-End Tax Plan

    From sales tax deductions to credit reports, check out what items should be on your financial checklist.

  4. Short Sales And Foreclosures: When It's Time To Move On

    Sometimes it's better to cut your losses, but foreclosures and short selling can have devastating impacts on your credit score.

  5. Subprime Lending: Helping Hand Or Underhanded?

    These loans can spell disaster for borrowers, but that doesn't mean they should be condemned.

  6. How is my credit score calculated?

    The credit score, commonly referred to as a FICO score, is a proprietary tool created by the Fair Isaac Corporation. This is not the only way to get a credit score, but the FICO score is the ...

  7. What is the difference between bad credit and no credit?

    The answer to this question will depend on what information (if any) is found on your credit report, such as any bankruptcy proceedings. If your credit is considered poor, then it could take ...

  8. What is the highest achievable FICO score?

    Your FICO score is used by creditors to determine the overall credit risk of any individual consumer. This score is calculated by using a proprietary tool developed by the Fair Issac Corporation ...

  9. 5 Secrets Credit Card Companies Don’t Want You To Know

    Find out some of the ways you can lessen your interest payments and avoid other unnecessary penalties that lurk in the fine print.

  10. What is the difference between a credit report and a credit score?

    Your credit report is almost like a report card for your debt history. It shows your personal information, including name and address. It also lists all your creditors with current balances, ...
comments powered by Disqus
Marketplace
Hot Definitions

  1. Xenocurrency

    A currency that trades in markets outside of its domestic borders.

  2. Wanton Disregard

    A standard of severe negligence. Wanton disregard is a very serious accusation that indicates that a person behaved extremely recklessly.

  3. Ultra ETF

    A class of exchange-traded funds (ETF) that employs leverage in an effort to achieve double the return of a set benchmark.

  4. Toehold Purchase

    A purchase of less than 5% of a target company's outstanding stockmade by an acquiring company. A toehold purchase of just under 5%, while not a significant stake in a firm, allows the shareholders a "toe-holds" grip on the company and its decision making.

  5. Samurai Bond

    A yen-denominated bond issued in Tokyo by a non-Japanese company and subject to Japanese regulations.

  6. Chartalism

    A non-mainstream theory of money that emphasizes the impact of government policies and activities on the value of money.
Trading Center
http://sp.fastclick.net/ad/tr/10858-64082-15546-0?mpt=f30a187c650e656eed0c79f4e04f5fc5