Fico Score

Fico score is what 90% of the largest banks currently use to determine your credit risk. Fair Isaac & Corporation invented the fico scoring model in the late 1950’s. Fico score has been widely accepted as the standard for measure of ones likelihood of paying back a obligation. Fair Isaac does not reveal its recipe for computing that 3 digit number, but they give a nice pie chart to explain it somewhat.










Credit Scores are calculated by using mathematical tables and scoring models which best predict your future credit performance. When you go to a mortgage company or bank they pull your fico score. This is what they use to deny or approve you. If you are about to make a purchase it would not hurt to pull your fico score with Equifax to see where your score stands up currently.

Have you wondered what a good fico score is? Here is a model to show you the national average.









What is the range of FICO scores ?
FICO (aka Classic or BEACON) scores can range from 300 to 850, but the majority of scores usually fall within the 600s and 700s.



About the Author: Mike Clover is the owner of http://www.creditscorequick.com/. CreditScoreQuick.com is the one of the most unique on-line resources for free credit score report, fico score, internet identity theft software, secured credit cards, student credit cards , mortgage loans, auto loans, insurance and a BlOG with a wealth of personal credit information. The information within this website is written by professionals that know about credit, and what determines ones credit worthiness