So, you have decided to consolidate your debts and are trying to improve your credit score. You’ve received the credit report, gone through it, and everything looks pretty much in order. Do you have a few questions about what FICO actually means? Don’t worry, you’re not the only one.
First, what exactly is FICO and what does it stand for? It stands for Fair Isaac Company, which created the most commonly used credit score on the market. It is an industry term and is a measure for your credit score.
What specifically is a credit score and what can it say about a consumer? A credit score is a numerical calculation based on many different factors. The score can be anywhere between 350 and 850. The lower the number, the worse the rating, the higher the number the better off you are.
Different factors can determine your magic number. These include: past behavior and whether you made payments on time, how much credit you had in the past, and income. A high number generally means the individual is more likely to pay on time and not lose a creditor any money. A better credit score could help you get a better deal on debt consolidation if you need...
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