FICO Score

FICO Score
A type of credit score that makes up a substantial portion of the credit report that lenders use to assess an applicant's credit risk and whether to extend a loan.

FICO is an acronym for the Fair Isaac Corporation, the creators of the FICO score.

Using mathematical models, the FICO score takes into account various factors in each of these five areas to determine credit risk: payment history, current level of indebtedness, types of credit used and length of credit history, and new credit.

A person's FICO score will range between 300 and 850. In general, a FICO score above 650 indicates that the individual has a very good credit history. People with scores below 620 will often find it substantially more difficult to obtain financing at a favorable rate.


Investment dictionary. . 2012.

Игры ⚽ Поможем сделать НИР

Look at other dictionaries:

  • FICO score — [ fīkō] n. Finance a person s credit score calculated with software from Fair Isaac Corporation (FICO) Encyclopedic information: The FICO score is a number between 300 and 850, which indicates a person s capacity to repay a loan. The higher the… …   Useful english dictionary

  • FICO — Abbreviation for Fair Isaac Corporation, the biggest credit scoring company. (See also: credit score) Category: Bankruptcy, Foreclosure & Debt Category: Personal Finance & Retirement Category: Real Estate & Rental Property Nolo’s Plain English… …   Law dictionary

  • Credit score (United States) — A credit score in the United States is a number representing the creditworthiness of a person, the likelihood that person will pay his or her debts. Lenders, such as banks and credit card companies, use credit scores to evaluate the potential… …   Wikipedia

  • Credit score — A credit score is a numerical expression based on a statistical analysis of a person s credit files, to represent the creditworthiness of that person. A credit score is primarily based on credit report information typically sourced from credit… …   Wikipedia

  • Credit Score — A statistically derived numeric expression of a person s creditworthiness that is used by lenders to access the likelihood that a person will repay his or her debts. A credit score is based on, among other things, a person s past credit history.… …   Investment dictionary

  • Identity score — An identity score is a system for tagging and verifying the legitimacy of an individual’s public identity. Identity scores are increasingly being adopted as a means to prevent fraud in business and as a tool to verify and correct public records.… …   Wikipedia

  • Cut-Off Score — The lowest possible credit score one can have and still qualify for a loan. Anyone with a score below the cut off score is usually rejected. Of course, the lender can still approve the loan if it so desires with an override approval. Anyone with… …   Investment dictionary

  • Beacon Score — A number generated by the Equifax Credit Bureau to rank an individual s credit worthiness. Beacon scores are credit scores, which are determined through a complex algorithm. These numbers tell the lender how likely it is that the borrower will… …   Investment dictionary

  • Precision Score — A number used by the TransUnion Credit Bureau to quantify the credit worthiness of borrowers. Precision scores used to be called Empirica scores before TransUnion started using the NextGen scoring model. These scores will determine how risky it… …   Investment dictionary

  • credit score — Numerical calculation that creditors use to evaluate the creditworthiness of someone applying for credit, such as a mortgage or credit card. High credit scores (over 700) indicate less risk that you will default on payments, and low scores (under …   Law dictionary

Share the article and excerpts

Direct link
Do a right-click on the link above
and select “Copy Link”