From Fico To Fair Isaacs
When you apply for a loan, you’ll have your FICO, or a fair issac credit score, checked out by the lender. It is very important that you understand what this score is and how it can affect what happens to you next.
The fair isaacs credit score is the measurement by which it’s determined by creditors, who don’t know you from Adam, whether or not you’re a good credit risk–that is, if you will probably be able and willing to pay back the money and the due interest.
In theory, the highest possible fair issac credit score is 850, but practically nobody, even the best credit risk, has this score. A score over 800 is virtually “pristine”, and a score over 700 will be able to get you the best available loan program for what you want. In today’s crunched market, the lowest credit score that you can have and still […]
Original post by mikejohns