From the course: Build Your Financial Literacy
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FICO score
From the course: Build Your Financial Literacy
FICO score
- You know you can't live without a FICO Score in our modern-day world. And yet, what does it really mean? A FICO Score is a credit score created by the Fair Isaac Corporation, which is a major analytics software company that provides products and services to both businesses and consumers, such as yourself. They're best known for producing the most widely used consumer credit score that financial institutions use when deciding whether to lend money or issue credit to you. A FICO Score ranges between 300 and 850. In general, a good credit score will be between 670 and 739. If you have a score within this range, you will find that lenders are readily willing to provide you a loan, and at a good interest rate, as your credit risk, that is your ability to pay back your loan, is minimal. In contrast, if you have a credit score between 580 and 669, you may find it difficult to obtain financing at an attractive interest…
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