The 550 Degrees of a FICO Score
If you were developing your own credit score, would you not think about creating it on a 0-100 scale? Or maybe 1-1,000? It sure seems logical, right?
Instead, the most common credit scoring model (FICO) has a score range of 300 on the low end to 850 on the high end. We may not know why FICO chose this range, but we can help you better understand the following:
- Why does your credit score matter? Who uses it and for what purposes?
- What does the excellent credit really mean and what can it do for you?
- What scoring range(s) will get you the best interest rates on a home loan?
- Why do you have three FICO scores and why are they different?
15-Minute Video
To successfully pass the module quizzes, we expect that you will need to view each lesson video.
