FICO

FICO is a type of credit score used by lenders to evaluate how likely someone is to repay a loan or credit card. It is calculated based on your credit history, including factors such as your payment history, amounts owed, length of credit history, new credit, and types of credit used. The score ranges from 300 to 850, with higher scores indicating lower risk to lenders. FICO scores help lenders make informed decisions quickly, balancing risk and opportunity, and impact your ability to qualify for loans, mortgages, and favorable interest rates.