Credit Score Factors
FICO Score
What it means
The most widely used credit scoring model, created by the Fair Isaac Corporation. FICO scores run from 300 to 850, and lenders use them in over 90% of U.S. lending decisions. There are more than 60 versions of the FICO model, each tuned for a specific industry such as mortgage, auto, or credit card lending.
Covered in the free course
- What Is Credit and Why Does It Exist?Understanding Credit
- The 5 FICO Factors: Your Score at a GlanceUnderstanding Credit
- The Real Cost of Closing Old AccountsLength of Credit History
- Revolving vs. Installment Credit ExplainedCredit Mix
- When to Diversify (and When to Leave It Alone)Credit Mix
- Hard vs. Soft Inquiries: Know the DifferenceNew Credit & Inquiries