About this document
Understanding FICO Scores and Impact by raqibapp is a document available to read on EtoBox.
FICO scores range from 300 to 850 and are developed by Fair Isaac using statistical analysis of credit history. Credit scores are used by lenders and companies to evaluate individuals. The five major components that determine a credit score are payment history (35%), amount of debt (30%), length of credit history (15%), new credit (10%), and types of credit (10%). Credit scores can quickly drop from maxing out credit cards or missed payments. Higher credit scores qualify individuals for lower interest rates
- Author
- raqibapp
- Language
- EN