Wednesday, November 28, 2007

Fico Score – your credit rating system

FICO is the acronym for Fair Isaac Corporation which is a public traded corporation and is well known for creating best and widely used credit score system in United State. Fico score is a number that is calculated to know the credit worthiness of an individual based on many factors such as his bill payments history, outstanding debt and ability to pay.


As I mentioned Fico score is a numeric value and is calculated on the basis of your credit history collected from your credit report. Your Fico credit score change with new activities in your credit report.


Fico score is a kind of credit score that determines the likelihood that credit users will pay their bills. Your Fico score or credit score mostly called is used by various credit card providers and banks to decide your credit limit, rate of interest and even your paying period.

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