FICO Score

What is a FICO score?

FICO Score Definition: The FICO score was created by Fair Isaac Corporation to assess the likelihood of a borrower repaying a loan or credit amount on time. This score is one of several models that lenders use to decide if they will offer a loan to a borrower, or extend credit to a consumer.

FICO scores may vary from other models that calculate creditworthiness for lenders, as they use different formulas. FICO offers several scoring models that use percentage weights to measure how creditworthy a consumer is before they are approved for a loan or a credit product. FICO’s main credit score categories include 35% payment history, 15% credit history, 30% amounts owed, 10% new credit accounts, and 10% types of credit used.

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