A FICO score is a credit grade of a borrower, based on credit history as reported to 3 separate credit reporting agencies. It is based on a number of factors, including the amount of credit a person has, payment history, late payments, judgments, loan defaults and other factors.
A mathematical formula developed by Fair Isaac Corporation is used to grade the credit risk the borrower represents. Scores range from 350 to 850. A score of 650 or better is considered good and a score above 750 is considered excellent.
Author:Sean Moniri Phone: 214-597-3800 Dated: March 25th 2015 Views: 1,045 About Sean: With quite possibly one of the biggest transactions in your life, you can rest assured that you’re...
Some industry experts are saying that the housing market may be headin
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