What is FICO Expansion score?
The FICO Expansion score attempts to measure the likelihood that the consumer will become severely delinquent (more than 90 days past due) in his payments, for up to 24 months after scoring. Like the Classic FICO score, the Expansion score ranges from 300 – 850, with higher numbers indicating greater creditworthiness.
What FICO score does SBA?
The SBA credit scoring tool uses the FICO® Small Business Scoring Service® product (SBSS) to expedite credit decisions. It draws on multiple data sources and more than 100 combinations of consumer and business analytical models to help streamline the loan approval process.
What does FICO stand for and what is the new FICO 9 score?
The Fair Isaac Corporation (now called FICO), which developed the FICO credit scoring algorithm, says its scores are used by 90% of top U.S. lenders in more than 90% of lending decisions. 1 There are currently several types of FICO scores available.
What are the 5 main elements of a FICO score?
FICO Scores are calculated using many different pieces of credit data in your credit report. This data is grouped into five categories: payment history (35%), amounts owed (30%), length of credit history (15%), new credit (10%) and credit mix (10%).
What happens to my co signer’s credit rating if I don’t make payments on time?
Being a co-signer itself does not affect your credit score. If the consignee makes late payments, or misses them altogether, then your credit score could drop.
Are SBA disaster loans based on credit score?
While credit score isn’t referenced as qualifying criteria for a Disaster Loan, there’s a good chance that they’ll still run a credit check during the approval process. To qualify for a traditional SBA loan, you must have a strong credit score—at least 600 for most banks.
What does FICO give the most weight to?
The Top 2 Factors That Make Up 65% of Your FICO Score
- Payment History (35%). Making your payments on time and avoiding late payments on your accounts has the most impact on your credit score.
- Capacity (30%).
- Length of Credit (15%).
- Mix of Credit (10%).
- Accumulation of Debt (10%).
Do late payments affect co-signer?
Late payments on a co-signed debt can hurt your co-signer’s credit score. That means any credit events related to the loan, such as late and missed payments, will appear on your credit report and your co-signer’s credit report.