2006-10-25 13:19:24 · 8 answers · asked by smiley 1 in Business & Finance ➔ Credit
It is a quantitative measurement of your ability to pay off debt. It is also called your credit score and is used by lendors to determine your credit worthiness. If you have a low score, banks won't lend to you and if they do, it will be at a higher interest rate.
2006-10-25 13:22:49 · answer #1 · answered by aint_no_stoppin_us 4 · 0⤊ 2⤋
Your FICO score is a 3 digit number which is formulated based on your credit history. The higher the number the better (on a scale of 350-850). It's important b/c it will be used to determine whether you can get a loan or not, the interest rate for your loans and credit cards, and in some cases, how high your insurance costs you. The better the score, the easier to get a loan, the lower your interest rates will be, and the lower your car/home insurance will be.
2006-10-25 14:31:58 · answer #2 · answered by Mariposa 7 · 2⤊ 0⤋
FICO not FICA
Fair Isaac and Company (FICO) calculates you score using thousands of different factors.
Its important because lenders use it to determine the risk factor when applying for credit.
The risk factor determines your approval and rate.
Get the real scoop here:
http://www.expert-credit-advice.com/credit_score.htm
2006-10-27 02:12:54 · answer #3 · answered by Anonymous · 0⤊ 0⤋
A FICO score is important 3 digit number to the lenders and finance institutions.
The lower the score the bigger risk you are for them, the higher the score a lesser risk you are for them.
The higher the better.
If you FICO score is low and IF they grant you a loan, they will request that you put a down payment down and the interest rate will be awfully high.
2006-10-25 17:51:41 · answer #4 · answered by Anonymous · 2⤊ 0⤋
Never heard of a "fica" score
2006-10-25 13:39:51 · answer #5 · answered by Anonymous · 1⤊ 1⤋
Its a score between 350 and 850. The higher the score, the better off you are. It compiles different factors....your ability to pay debt, balances to limits, number of accounts, # revolving loans and installment loans...it goes on...
Just make sure that everyone you're promised to pay, you do pay. Your credit is one of the most valuable things you need to uphold for your reputation.
2006-10-25 18:29:36 · answer #6 · answered by Abbi G 2 · 2⤊ 0⤋
If you visit http://www.myfico.com you will learn everything you ever wanted to know about the FICO scoring system.
2006-10-26 00:53:29 · answer #7 · answered by Anonymous · 0⤊ 0⤋
It's an 'I love debt' score.
2006-10-25 15:19:49 · answer #8 · answered by normobrian 6 · 1⤊ 1⤋