If you don’t know what your FICO score is, you should find out. The reason why this is important is because lenders will determine the type of loan they will offer you based on your credit history, employment history, other factors, credit reports and the FICO score. The numbers range between 350 and 800. The “average” score is about 725 to 750.
How is a FICO Score / Rating Determined?
Here’s general guideline of what the FICO score / rating numbers mean:
750 to 850 – Excellent
660 to 749 – Good
620 to 659 – Fair
350 to 619 – Poor
How is the FICO score rating determined? As a general rule, following factors help determine your FICO score:
35%, punctuality of payment in the past (only includes payments later than 30 days past due)