Know What's FICO Score is All About

Know What's FICO Score is All About: "Your FICO score or credit score as it�s commonly called is a very important calculation that can control whether or not you are eligible to receive credit and if eligible the terms you can receive credit under. Failure to understand the impact this score can have on you future purchasing power and lifestyle can be disastrous. This article will break down all the information you need to know regarding your FICO score.
As I mentioned above the FICO score is a numerical score that is based on your financial history as collected in your credit report. Creditors can use this number to evaluate whether or not you are able to pay a loan back on time.

The higher the score the more likely you are to pay off a loan on time and the less of a credit risk you pose.
The FICO or credit score ranges are broken down as follows:
720-850 - This represent the best score range
700-719 � Able to obtain favorable financing terms"
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