The credit (FICO) score is a three digit number that summarizes your credit report. The credit (FICO) score is also referred to as FICO score because this score is given to an individual or an organization by the Fair Isaac Corporation (FICO) and, therefore, the scores are generally referred to as credit scores, credit (FICO) scores, or simply FICO scores.
If you want to know what your credit (FICO) score is, you can easily get it from the myFICO.com website by paying a small fee. You can also get up to a couple of free credit (FICO) scores from the website. Once you get hold of your scores, you will know exactly where you stand.
If you’re not sure what your credit (FICO) score means, here’s a quick overview that tells you what good and bad scores are. A credit score can range anywhere between 300 and 850. But remember that having a score of 850 doesn’t necessarily guarantee a loan, as well as having a score of 300 doesn’t entirely deny a loan to a customer. Getting or not getting a loan depends on more than the credit (FICO) score while the FICO score plays a major role in this.
If you have a score above 720, you’re pretty much in the safe zone. Your credit (FICO) score cannot be the reason for denying a loan to you. If you have a score above 600, it’s still not a bad score. You can still be good for a loan with decent interest rate. A score below 600, however, cannot guarantee you that. The lending organization may give you a loan at a higher interest rate and also ask you for a higher than normal down payment. If you’re below the 500 range, you may want to work on improving your credit (FICO) score to reflect better on your credit history.