The Truth ABOUT FICO SCORES..........

  • FICO scores are your credit rating
  • They range from 300-850, higher is better
  • Most lenders base approval on them
  • Higher scores mean lower interest rates

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    Components of the FICO score

    FICO scores are calculated based on your rating in five general categories: 

    • Payment history - 35%
    • Amounts owed - 30%
    • Length of credit history - 15%
    • New credit - 10%
    • Types of credit used - 10%
  • Fair, Issac & Company is the inventor of the FICO score
  • There are 3 different FICO scores, lender's usually use the middle one. 
  • The median FICO score in the U.S. is 723

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