FICO is a credit scoring scale used by many lenders that use a risk-based system to determine the possibility that an applicant will fail to pay back a loan. Your FICO score is a key factor in determining the size and type of HELOC loan you qualify for and the interest rate you will be charged. The FICO scoring scale goes from 450 to 850 with higher scores being better.
The FICO credit scoring system was developed by the Fair Isaac Company to determine the possibility that the borrower may default on financial obligations to the mortgage lender. The FICO acronym is reference to Fair Issac Co.
A federal law enacted in 2005 makes it possible for consumers to obtain a copy of their current credit report (and FICO score) free of charge.
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November 10th, 2006 at 11:51 am
I have been trying to obtain a pesonal loan without a credit check; I was told by 2 lenders the score was not that bad but Experian changed my score and was denied. The problem we have is we have land value that would cover the loan but there is a single wide mobile home with a small mortgage no one will touch. We need to hire an attorney that can look at our whole credit issue.There are 2 lenders where the statue of limitation has ran out but still trying to attack the property.I have dental needs that my insurance will not cover and could become life threatening.