What Is a Good FICO Score?
What Is A Good FICO Score - Terry Price Credit Secrets Bible Review
A FICO score is often used by credit companies and banks to determine a person’s credit record. FICO stands for Fair Isaac Corporation. A bad FICO score or credit rating can hamper your chances of getting a low interest loan or getting approval for a credit card. So what is a good FICO score?
There are many different types of credit scores. This is because different credit companies calculate your score differently. Because of this, if you are looking to find out what you’re scoring is, get a credit report from all the different agencies. What score lenders look at depends on the lender. Some credit card companies will only look at one score while mortgage companies are most likely to look at all three scores.
It’s important to know that your credit score changes as your credit changes. So if you pay off debts and loans, the score will improve. If you fail to make monthly payments, this could damage your credit score.
Some credit scores offered to consumers are just estimates. That means this is a different number from what the lenders are using. When a lender provides you with your FICO score, ask if that score is used by most lenders. If it isn’t, it’s probably an estimate.
FICO scores range from 350-800, with 800 being the best. The higher your FICO score, the better your credit report is. Most people fall in the 600s or 700s. Lenders view FICO scores of 700 and up a sign of a very good credit report and will most likely wish to work with that borrower. Anything below 600 tells lenders that that borrower is high risk and could turn down any applications for loans or credit, or penalize with higher interest rates.
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