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What is a FICO Score and what does it mean?
Few people understand the impact a good credit score can have on their life.
Watch as CB&T's Codi Horacek explains credit scores, or keep reading to learn more!
A high score can mean lower interest rates on loans, while a low credit score can result in higher interest rates or more expensive insurance premiums.
A credit score is derived by a formula or model developed by credit score companies. One example you may have heard of is the FICO score, which is short for Fair Isaac Corporation. This model will generate a score ranging from 350 to 850. The higher the credit score, the better. When a credit report is generated it will usually include the credit score and also a detailed history of your credit.
The three major credit bureaus will calculate your credit score based on the credit history they have on file and is derived from a combination of your payment history, amounts owed, length of credit history, new credit, and the types of credit used.
Community Bank & Trust Loan Officers are always available to answer questions about your credit score, credit report, or any of your loan needs. Please give us a call at 753-1521 and let us put our financial expertise to work for you.