Understanding Your FICO Score
When applying for a loan, lenders want to know your risk level. A credit score is a number that summarizes your credit risk based on your credit history at a specific point in time. A credit score helps lenders determine if you qualify for a loan if the balance will be repaid on time and even the interest rate you pay. Knowing the basics can help you reach your goals faster, cheaper, and create a foundation for future financial success.