FICO Score

A FICO Score is a credit scoring model widely used by lenders to assess an individual’s creditworthiness. Developed by the Fair Isaac Corporation (FICO), this three-digit number ranges from 300 to 850 and provides a snapshot of a person’s credit risk at a specific point in time. Higher scores indicate lower credit risk, making borrowers more likely to qualify for loans and credit cards with better terms and lower interest rates. Generally, scores above 700 are considered good, while scores above 800 are excellent.