credit
FICO Score
A FICO score is a personal credit score between 300 and 850 that predicts the likelihood of repaying consumer credit obligations.
Last updated Reviewed by ICG Funding
Definition
What it means.
FICO scores are issued by Fair Isaac Corporation using data from the three consumer credit bureaus, Experian, Equifax, and TransUnion. Scores are weighted by payment history (35%), amounts owed (30%), length of credit history (15%), credit mix (10%), and new credit (10%).
ICG accepts personal FICO scores of 500+ for most revenue-based products. SBA 7(a) loans typically require 680+. A below-500 FICO does not automatically rule you out of funding, but will restrict product options and usually raise the cost.
Now what?
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