Video - Money: Know It to Grow It - FICO Score

Transcript:

FICO Score. It's a type of credit score.

But first, what's a credit score?

It's an assessment of your credit habits, used to predict how likely you are to pay back any money that you borrow.

“FICO" in FICO Score stands for the organization that created it: the Fair Isaac Corporation.

Companies use FICO scores to help them make decisions about offering loans and credit to consumers.

FICO scores range from 300-850…

…the higher the score, the more likely it is that you'll qualify for a loan…

…and perhaps receive better interest rates for things like mortgages or credit cards.

FICO scores can change according to your credit behavior…

…and if your score ends up low, you can improve it…

…and get the credit you deserve.

So that's a FICO score. Find more ways to know and grow your money at Synchronybank.com