What is a good FICO score?

90% of top lenders use FICO Scores to help them make billions of credit-related decisions every year. According to myFICO, FICO Scores have a 300-850 score range, and the higher the score, the lower the risk. But what is a good FICO score?

In response to a forum member, myFICO explains that the point which a lender would accept or deny a new application for credit is known as a score cutoff. Since each score cutoff varies by lender, it’s hard to determine a good FICO score outside the context of a particular lending decision.

There are many factors that lenders use in their strategy to determine actual interest rates. When a FICO Score is calculated from a credit report, the credit report agency will also provide up to five reasons, which are usually negative, that are most heavily influencing a particular score, myFICO says.

However, a FICO Score will change over time. The information in a credit report changes constantly and so will any new credit scores based on that report.

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