What is a FICO Score? 1024 579 Matthew Cooney

What is a FICO Score?

FICO which stands for Fair, Issac and Co. is a credit score used by most lenders to determine a borrower’s ability to pay back a loan.  There are three major credit bureaus (Experian, Transunion and Equifax) that calculate FICO scores which are often slightly different.  The highest FICO score is 850.  Any score of 740 or above is considered by most lenders to be above average. Borrowers who score less than 620 are considered “subprime” or a higher risk of default.  Many participating FHA lenders require a FICO score of at least 620 to qualify for an FHA loan.

For more information, contact:

Matthew Cooney
Sales Associate
Coldwell Banker Residential Brokerage
211 South Street
Morristown, NJ 07960

(C) 973-832-5932
(O) 973-267-8990 x153
(F) 862-345-3273