A lot of people are interchanging the term FICA score with FICO Score. Many people misspell and mix up FICA and FICO. But there’s a big difference between the two. Let me show you.
Category: FICO Score Range
Your credit score can either save you money or cost you money. According to myFICO, a 100 point difference in your FICO score could mean over $25,000 extra in interest payments over the life of a 30 year mortgage on a $300,000 home loan.
When it comes to credit score, you could frequently get baffled since lenders and companies providing loans might use its own custom scoring model with a different scale. Many others can relate to such a confusing experience.
Here’s a bit of good news – 18.3% of all consumers are finally getting FICO scores in the 800 to 850 range. That’s the highest average level in this range of scores since the economy crashed in 2008.