What Is a FICO Score and How Does It Affect My Mortgage Loan?
In the late 1950s, Fair Isaacs and Company was among the first companies to develop and implement credit scores. Hence, “FICO” became the popular acronym for their credit scoring system. Today, Fair Issacs credit scoring is behind the scores you see from the three primary credit agencies: Experian, google_ad_client = ‘pub-2905054723170537’; // substitute your client_id (pub-number) google_ad_channel = ‘3393335763’; google_ad_output = ‘js’; google_max_num_ads = ‘3’; google_ad_type = ‘text’; google_feedback = ‘on’; google_targeting = “content”; Equifax, and TransUnion. FICO credit scores can range from 300 to 900. This tells lenders how good or bad a risk you are when it comes to lending you money. Can You Get a Mortgage Loan If You Have Bad Credit? Your FICO credit score depends on a number of different factors, including: • Length of your credit history • Late payments, missed payments, and underpayments • Amount of available and used credit • Employment history • Number of credit card
