Read this tip to make your life smarter, better, faster and wiser. LifeTips is the place to go when you need to know about Money Management Tips and other Debt Consolidation topics.
Your FICO score is comprised of three digits that will determine your financial future. Your FICO score will not only determine whether or not you qualify for a loan, but also what type of interest rate your will qualify for. Your Fair Isaac Corporation (FICO) score is determined by various factors including (but not limited) payment history and debt to credit limits, and is used by every financial institution.
So what constitutes having a "good" FICO score? FICO scores can range from 300-850. The higher your score, the more likely you are to receive a loan.
FICO Score Formula % of FICO score