What is a FICO Score?

A FICO Score is a three-digit number based on the data pulled from your credit reports. It helps lenders estimate your likelihood of repaying a loan. This in turn affects how much you can borrow, the number of months it will take to repay, and the cost of funds (the interest rate).

Some lenders check your FICO scores as a quick and reliable method to help decide whether or not to lend you money when you ask for credit. A FICO Score can be viewed as a summary of your credit report. It calculates how much credit you have, how much of it is being spent, how long you've had credit, and if you've made on-time payments.

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