How Your FICO Credit Score Is Calculated

Everyone needs to keep an eye on their credit. A few late payments or other financial mismanagements could change you from someone with good credit to someone with poor credit rather quickly, but do you even know how your credit score is calculated? Do you know what factors play a role? More importantly, do you know how much of a role each one plays? [Read more]

FICO 08

With the changes in the market place and the shifting attitude of consumers towards plastic over cash, Fair Isaac has deemed it necessary to make a few changes. Fair Isaac or FICO is responsible for doling out consumer credit scores when can pretty much make or break a consumer searching for a mortgage, a loan, and even employment.

FICO’s new model is set to debut in a few months but many consumers and lenders are getting ready for the change now. FICO will keep the scale in which the credit scores appear the same. Which means consumers can still expect to see a number ranging from 350 to 800 which the higher the number reflecting the better score. [Read more]

What’s A FICO Credit Score?

You have probably heard the word “FICO” before in your financial dealings. Do you know exactly what FICO stands for? FICO stands for the Fair Isaac Corporation. These people who retrieve information from your credit report to calculate the three digit number which is your FICO score have been at this task since the late 1950s. [Read more]