What is a FICO score? And why is it important?
Your FICO, an acronym for the Fair Isaac Corporation, is assessed using a credit score model that helps lenders predict the likelihood of you defaulting on future loans and lines of credit. It is important to be aware of your FICO score, as banks and other institutions view it in their decisions to deny credit, charge higher interest rates, demand more collateral or require extensive income and asset verification when working with an individuals low FICO scores.
