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Understand Your FICO Credit Score
Fair Isaac Corporation Generates Your FICO Score
FICO stands for Fair Isaac Corporation. This firm created the original scoring model in the late 1950s. Since that time, FICO scoring has become commonly accepted by lenders as a reliable method for credit rating. Based on the data from your credit report, it provides the best guide to future credit risk. The lower the risk - The higher the score. In general, the following factors are used to make up the final score and determine how creditworthy you are:
Using mathematical tables, points are assigned to each finding and totaled for the final score. There is no single cutoff score used by all lenders. FICO scoring is not a definitive method of determining who will be a “good” or “bad” risk. Each lender has its own overall strategy.
Click the links below to see ways you can improve your credit score.
How to Improve your FICO Score
If your FICO score is lower than you like, see steps you can take to repair credit scores.
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