02/24/2025
What is a FICO Score & How Is It Calculated? 🤔💳
Your FICO score is a three-digit number (300-850) that lenders use to determine your creditworthiness. The higher your score, the better your loan terms!
🔍 Here's what goes into calculating it:
✅ 35% Payment History – Pay on time! Late payments hurt.
✅ 30% Credit Utilization – Keep balances low (under 30% of your limit).
✅ 15% Length of Credit History – The longer, the better.
✅ 10% New Credit – Too many new accounts can be a red flag.
✅ 10% Credit Mix – A mix of loans & credit cards is good.
A strong FICO score means better mortgage rates and loan approvals! Want to boost yours? Let’s chat! 📩🏡
