www.MySite.com
Ph: 0800 coolsite
return to homepage

 What Is A Good Fico Score 

To know what is a good FICO score? we first need to understand what is FICO and what it does. FICO is the abbreviation of Fair Isaac Corporation which is a public trading corporation that analyzes and creates the best-known credit score. The credit score model FICO creates is used all over the United States. Now here another question pops which is what is credit score? The credit score is statistical formula based on the mathematical analysis of an individual's credit files, which represents the credit worthiness of that individual or in simpler words we could say that the FICO score is based on the credit report of an individual based on the information by credit bureaus.

The third element to understand what is a good FICO score? We need to take a look at the  FICO credit score range that is between 850 & 300. It is quite rare to see these two numbers in real life.

850 is considered the best FICO score and any individual with 850 could get a huge loan, while 300 FICO score shows that you are a bad creditor and you do not qualify for a small loan.

While the highest FICO credit score does not guarantee that an individual would get the loan he/she wants the worst FICO score also does not prevent any individual to get any sort of small loan.

Now back to reality…the individuals with 700 FICO score or higher are excellent creditors. If your FICO score is 700 or above some loaners/lenders offer that individual better interest rates or discounts, however, in most cases greedy loan officers often do no share this information with creditors.

The second category of FICO score is 699 to 680, which means you are a good creditor. This FICO credit score is enough to get you a normal loan.

The third category of FICO score stands between 679 and 620. The individuals with these credit scores fall in the fair creditor category. It means that your loan will not be denied, but you won't be able to get the generous terms on your loan.

The low FICO score stars from 619 and this is the score where brokers and banks will start loving that individual, because the individual with FICO credit score between 619 and 580 falls in bad creditors. However, the individuals with credit score between 619 & 580 will still be able to get the loans, but not on their terms and you have to pay fat commissions and you will get expensive loans.

The lower category of a good FICO score start from 580 and with this score real trouble is on the way. The individuals with FICO credit scores between 580 & 500 are real bad creditors. You might get the loan you applied for, but the terms of that loan would be way too bad, but most of the times people do not care and take these loans thinking that this could be the beginning of that fresh start they want.

So now you know, what is a good FICO score.

More on how to maintain a Good Fico Score

 
Useful tips to raise your Fico Score

Improve your fico score with a  fico score simulator

Ways to  estimate your fico score








From good fico score to payoffdebtssavemoneytips.com







Home
 
payoffdebtssavemoneytips.com.