The FICO score is a three-digit number, ranging from 300 to 850, that is assigned to your credit based on a formula developed by Fair, Isaac & Company. Credit scores are reported by three major credit bureaus, Equifax, Experian, and TransUnion. Scores are not the same on each bureau’s report because each bureau places a slightly different value on different items. It is in your best interest to know your FICO score because it is a key factor in determining if you get a mortgage, whether you can refinance your home at a favorable rate, or whether or not you can get a new credit card. Your FICO core can also determine whether or not you can finance a new car, buy insurance, or even get a job.
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