Are other scores beside FICO used in lending decisions?

Answer FICO stands for Fair Issac Corporation. It is a credit-scoring program used by TransUnion and Equifax to determine credit scores. The other credit bureau, Experian, uses a PLUS scoring model. Lende... Read More »

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Are FICO scores going to come down?

On One Hand: 2008 Recession Hit Americans HardThe 2008 recession stressed the finances of the average American and caused an increase in defaults and late payments in 2009, leading to lower FICO sc... Read More »

What do FICO scores mean?

A FICO score is a three-digit number used enumerate a person's creditworthiness. The "FICO" designation stands for "Fair, Isaac and Company," after the company that develops this scoring system for... Read More »

What are the ranges of FICO scores?

FICO scores range from 300 to 850. The FICO score is the most widely used credit score by lenders. It measures how creditworthy someone is, with higher scores representing a lower risk of default.S... Read More »

How often are FICO scores updated?

Your FICO credit report is updated once a month by the credit bureau. However, your FICO credit score is not updated until you or a lender request your score. This can be multiple times during a mo... Read More »