Definition of FICO score:
A persons credit score calculated with software from Fair Isaac Corporation (FICO).
The FICO score is a credit score. These are used by mortgage lenders to predict the borrowers ability and willingness to pay debts. FICO is an acronym for the Fair Isaac Corporation, which calculates the credit scores in the United States.
A FICO score is a credit score created by the Fair Isaac Corporation (FICO). Lenders use borrowers' FICO scores along with other details on borrowers' credit reports to assess credit risk and determine whether to extend credit. FICO scores take into account five areas to determine creditworthiness: payment history, current level of indebtedness, types of credit used, length of credit history, and new credit accounts.
Fair Isaac Corporation, or FICO, is a major analytics software company that provides products and services to both businesses and consumers. The company is best known for producing the most widely used consumer credit scores that financial institutions use in deciding whether to lend money or issue credit.
How to use FICO score in a sentence?
- Scores range from 300 to 850, with scores in the 670~739 range considered to be "good" credit history.
- I know how important credit is, particularly the FICO score, so Im afraid to make such a large purchase.
- FICO scoring methodology are updated from time to time, with the most prevalent version now being FICO score 8.
- FICO credit scores are a method of quantifying and evaluating an individual's creditworthiness.
Meaning of FICO score & FICO score Definition