Home > Buying a home, Mortgages > What is a FICO Score?

What is a FICO Score?

FICO stands for the Fair Isaacs Corporation who developed the math that almost all lenders rely on to determine a potential borrowers ability to pay.

The score, made up of a number of different components will range from 200 to 800.  While the actual number that is considered “good” has varied over the years, generally speaking most lenders will not consider people with a score of less then 620 as being a valid candidate for a loan.

Some of the factors that go into determining your FICO score are:

* Your payment history
* The length of your credit history
* The total amount of your current debt
* The types of credit that you use or have used

The following report created by Fair Isaacs explains it in more detail.

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