A credit score above 670 indicates to lenders that you are likely to be able to make loan repayments on time. Once you reach a “very good” or “outstanding” credit score (over 740), the lender will be able to rely on you to be reliable and even less likely to default on a loan.
FICO 10 T is the newest model of FICO Scoring. This article will break down the difference between FICO 10 and 10 T
90% of reputable lenders base their decisions on FICO Scores when determining credit approval, conditions, and interest rates.
Your credit score has a significant impact on your financial situation. It applies to situations where a lender is required, such as when applying for loans like credit cards, mortgages, and vehicle loans.
Credit scores have steadily increased in the last 10 years, with the average consumers FICO credit score hitting an all time high of 716. Low credit scores (those with scores under 600) have in turn hit an all time low, at 15% of all consumers. Will this trend continue in the years to come?
Capital One is refunding 2021 annual fees to card holders. Read more about it here!