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What is a FICO score? |
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FICO is a mathematical model credit by the Experian credit institution and is used to express the general financial health and financial risk of an individual. FICO is an acronym and stands for Fair Isaac Company, which is the company that created the model for Experian.
A FICO score essentially looks at you debt-to-income ratio and your payment history though other seemingly irrelevant factors are considered as well such as how long you have lived at your current home and your profession, since these sorts of details can imply financial stability for the majority of the population.
A FICO score of 620 is generally accepted to be the line that separates bad from questionable credit, and 650 separates questionable from good. Anything above a 650 is generally considered good and if you have a score above 800, you can pretty much write your own ticket.
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