Definition of FICO Score
What is the definition of the term "FICO score"? What does the term "FICO score" mean?
The "FICO score" is a credit score that is used by lender to determine the creditworthiness of a person. The "FICO score" is the most popular and widely-used credit score in the United States.
The "FICO score" ranges from 300-850, with 300 being the worst possible score and 850 being the best possible score.
The median FICO score for Americans is 723. It's generally accepted that anything below a 620 constitutes a "poor" credit score.
The lower your FICO score is, the harder of a time that you will likely have when it comes to finding credit. You will also be expected to be pay rates of interest due to the fact that you are seen as a "poor" credit risk.
Many people/institutions will pull your credit score. This can include cell phone companies and landlords, as all have an interest in seeing how your credit is.
The FICO score is produced by Fair Isaac Corporation, which is a publicly traded stock on the New York Stock Exchange.
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