A FICO score is a three-digit number that shows how likely you are to repay debt. It ranges from 300 to 850. The higher the score, the better your credit. Lenders use this score to decide whether to approve you for loans, credit cards, or mortgages.
Your FICO score is based on five key factors:
- Payment History (35%) – Shows if you’ve paid past debts on time.
- Amounts Owed (30%) – Looks at how much debt you have compared to your credit limits.
- Length of Credit History (15%) – Considers how long you’ve had credit accounts.
- Credit Mix (10%) – Reviews the variety of credit accounts, like credit cards, mortgages, and auto loans.
- New Credit (10%) – Accounts for recent credit inquiries and new accounts.
A good FICO score can help you get better loan terms, like lower interest rates.
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