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- DictionaryFICO score/ˈfīkō ˌskôr/
noun
- 1. a person's credit score calculated with software from Fair Isaac Corporation (FICO).
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Jul 21, 2024 · A FICO score is a credit score that many lenders use to assess an applicant’s credit risk. Learn how a FICO score works and how you can raise your credit score.
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What is a FICO ® credit score?
What is a FICO score & why is it important?
What are FICO scores based on?
Why do lenders take my FICO ® score into account?
Mar 20, 2023 · A FICO score is a credit score that many lenders use to assess an applicant’s credit risk. Learn how a FICO score works and how you can raise your credit score.
- 2 min
A FICO Score is a three-digit number based on the information in your credit reports. It helps lenders determine how likely you are to repay a loan. This, in turn, affects how much you can borrow, how many months you have to repay, and how much it will cost (the interest rate).
Lenders take your FICO ® score into account to help make accurate, reliable decisions regarding credit risk. FICO ® scores range between 300 and 850 and are calculated using only information in a consumer's credit report maintained by the credit bureaus.
What's the difference between a credit score and FICO® score? Typically, you will find that there is not a significant difference between your credit score providers, but understanding how your credit scores are generated will help you understand what these terms mean.
A credit score tells lenders about your creditworthiness (how likely you are to pay back a loan based on your credit history). It is calculated using the information in your credit reports. FICO® Scores are the standard for credit scores—used by 90% of top lenders.
Dec 13, 2020 · FICO ® offers a specific brand of credit score—a FICO ® Score —that many lenders use when determining a credit applicant's creditworthiness. But some lenders choose to make their own scoring models or use competitor's credit scores. Is a FICO ® Score the Same as a Credit Score?