What Is Highest Fico Score – 3 Steps To Choosing The Right One
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A FICO credit score is the most common credit score used to determine loan eligibility and the interest rates a person pays. A credit score is a person’s financial story packed into a three-digit number, which indicates a person’s credit risk. Your credit score is based on information found in your credit report.
This video explains the categories FICO generally includes in calculating your credit score: Payment History; Amounts Owed Relative to Limits; Length of Credit History; Frequency of New Credit; and Types of Credit Used.
More from Econ Lowdown: https://www.stlouisfed.org/education/continuing-feducation-video-series/episode-1-understanding-how-a-fico-credit-score-is-determined