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fico score 8 meaning pepe unchain Bnb Eth XRP crypto futures coinbase futures binance futures

What is FICO score 8?

FICO Score 8 was launched in 2009. It’s one of FICO’s base credit scores, which means it isn’t designed for a certain type of credit. Like other base credit scores, the scores range from 300 to 850. And like FICO’s other base credit scores, Score 8 is intended to determine the likelihood that a borrower will pay back a loan.

What is the most common FICO score?

Currently, the most common FICO score is FICO 8. This version also can be used in auto lending, as well as for personal loan and credit card decisions. Each of the three major credit bureaus —Equifax, Experian, and TransUnion—generates consumer credit reports, which then are used to calculate FICO credit scores.

Does FICO® score 8 punish late payments?

FICO® Score 8 may punish numerous late payments more severely than previous versions. Small-balance collection accounts matter less. If the original balance on the account was less than $100, FICO® Score 8 ignores collection actions for the account.

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