CREDIT

May 14 2020

Fico score wiki #Fico #score #wiki



Fico score wiki

*******

Fico score wiki

Your Greatest Asset

What are FICO credit scores

Your credit score is often referred to as yourFICOscore, but it is actually calculated by whichever credit bureau you request your report fromEquifax, TransUnion, or Experian. The Fair Isaac Corporation (FICO) is simply the company that designed the software used by these three credit bureaus.

Importance of FICO scores

Your FICO score can be anywhere from 300 to 850. This information is used by banks and other lenders to determine what kind of financing and interest rates you are eligible to receive.

The higher your score, the lower the risk to the lender.

Having poor credit can even affect your employment status. More and more employers are relying on an applicant’s credit score when hiring because it may indicate a person’s level of responsibility.

FICO score calculation

FICO does not publish the specific formula for calculating your credit score, but it has published a list of factors that are considered and the “weights” that apply to each.

  • Note: A “weight” is a percentage out of 100 that reflects the importance of one factor in the calculation. For example, a factor with a weight of 65% is more important than a factor with a weight of 10%. The total of all weights must equal 100%.

Credit score factors

Payment history (35%)

Amount owed (30%)

  • Total amount you owe across all accounts
  • Percentage of available credit being used
  • Types of accounts with balances
  • Number of open accounts with balances
  • How much is still owed on loans compared with the original loan amount

Length of credit history (15%)

Credit mix (10%)

What type of credit you use and in what proportion, for example:

*******



SOURCE: http://napkinfinance.com/napkin/fico/

USA News. American News.

News latest news news today news headlines breaking news new current news world news top news latest news today,

headline news online news today's news headlines daily news local news breaking news today new news to day news recent news latest news headlines top news today top news stories news stories national news international.

News news update current news today today's national news news updates headlines news update today latest breaking news breaking news headlines latestnews latest national news english news latest world news latest,

news update latest news headlines for today hot news today headlines today news websites current news events the news today's news headlines in english current news headlines top news headlines national news headlines top.
Headlines latest headlines newspaper headlines today latest it news top stories current news stories news sites.

Written by admin


Leave a Reply