Unlike his friend who has a credit score of 450, Rashid has a credit score of 688, which lets him purchase more goods on credit than his friend. Based on the FICO scale, Rashid falls under the _____________________________ category of creditworthiness.

Question

20-12-2019
Social Studies

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Unlike his friend who has a credit score of 450, Rashid has a credit score of 688, which lets him purchase more goods on credit than his friend. Based on the FICO scale, Rashid falls under the _____________________________ category of creditworthiness.

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jamesboyone jamesboyone · Answer 1 · 2019-12-20T11:32:14+01:00

Answer: The Good Category

Explanation: A credit score is a calculated number ranging from 300-850 which elucidates an individual's creditworthiness and evaluates the probability that a lender will repay his loan with a higher score indicating higher creditworthiness.

This is calculated by factoring 5 key stats.

1. Payment history

2. Credit history

3. Credit utilization rate

4. New credit and,

5. Types of credit

A FICO score of 688 falls under the "Good" category which ranges from 670-739.