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Glite Dictionary
💳 A credit score 🏢 An analytics company
FICO

FICO

5 6.7
A credit score lenders use to decide if someone can get a loan
  • noun
  • /ˈfaɪkoʊ/
translation icon : FICO
  • You can get your FICO score for free at the myfico.com website.
  • FICO score
  • borrower's FICO

And so, but then the, IT was put out there that now the FICO score is like biblical truth or something.

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Examples

  • I agree that the mortgage broker and lenders should look beyond the FICO score.

    Blog text (2)

  • When was the last time you used your FICO score?

    Blog text (4)

  • However, we all know FICO score drives everything.

  • Thirty percent of the points in your FICO score are directly tied to your amounts and types of debt.

    Blog text (3)

  • The truth is you don't have to have debt in order to have a great FICO score.

    Blog text (3)

  • Traditional underwriting factors include the borrower's FICO score, payment history, current amount of debt compared to assets, length of credit history, and frequency of new debt applications.

    Academic text (2016)

  • According to the Orange (CA) Register, the average FICO score of those rejected on mortgage loans was 719.

    Blog text (8)

  • Most lenders use your FICO score to evaluate your creditworthiness when you apply for a loan.

  • Your FICO score is an important factor in determining the interest rate you qualify for on a mortgage.

  • Improving your payment history can positively affect your FICO score over time.

Synonyms

credit rating
vsFICO
29 3.5

A number showing how likely a person, company or country will repay loans

gives a brand-specific measure used by lenders rather than a general score

Surface Forms

FICO singular
FICOs plural

Morphology

FICO = F + I + C + O

This is an acronym (letters standing for Fair Isaac Corporation); the component letters do not convey the meaning of the credit-score brand to learners.

Etymology

The word FICO comes from the company name Fair Isaac Corporation and is the brand name for their credit 'score'. So when lenders talk about your FICO they mean the company's number that shows how safe it is to lend you money.