What Does Your FICO Score Mean?
A FICO score is a measure created by the Fair Isaac Corporation that is used by credit agencies to indicate a borrower’s risk. In most cases, the higher the credit score, the lower the risk to the lender. This is how financial institutions decide whether to lend money or issue credit. A person likely has multiple different credit scores. Some scores are used for approving you for a credit card but a creditor who is trying to decide if they should give you credit to buy a car may use a different FICO score. Understanding Credit Scores Credit scores, specifically FICO scores, range between 300 to 850. To determine creditworthiness, lenders take a borrower’s FICO score into consideration to make their decision. Maintaining a high…

















