A mathematical scoring system created by the Fair Isaac Corporation, and used to predict borrowers’ ability to repay their debts. FICO scores range between 300–850, and scores between 670–739 are considered good. 740–799 is considered very good. And scores ≥800 are considered exceptional. FICO scores are based on five factors; payment history, accounts owed, length of credit history, credit mix, and new credit.
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