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4994 Lower Roswell Road NE, Suite 4, Marietta, GA 30068
Phone: 770-971-9141
Email: ifp@incompassfp.com
March/April 2022
FICO® Scores: You Don't Have Just One
Your FICO® score is based on the information in your credit report and shows lenders how likely you are to repay a loan. When you apply for credit, lenders use your score to determine the amount you can borrow and the interest rate you'll be charged. Typically, the higher your score, the better the rate.
FICO® scores generally range from 300-850. The length of your credit history, your record of on-time bill payments, and the amount of debt you have relative to your available credit care some of the factors used in determining your credit score.
Some industries have refined the base FICO® score to reflect the type of credit the borrower is seeking. For example:
FICO® Auto Scores are used by auto-financing lenders and give additional weight to your history of making on-time auto loan payments.
FICO® Bankcard Scores are used by credit card companies and take into account how responsible you've been with credit cards in the past, which affects whether you'll get credit and the interest rate you're charged.
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