What does your fico score mean? Well here is the answer. Your fico is an evaluation of the risk that you will go sixty days late on a credit obligation within the next twenty four months. Those with a score above 700 have a very slight chance of this happening while those with scores below 500 have a fairly good chance of going sixty days late within the next two years. The scoring parameters are based on extensive research of payment patterns of tens of thousands of credit consumers over the past ten to twenty years. As with any system that evaluates a potential risk, it is not 100% accurate but is correct more often than not.

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