90% of top lenders use FICO® Scores. Know yours!
In the event that you need to personally guarantee your LLC during the lending process you’ll want to have a FICO Score the fits within the following criteria in order to better your chances at being extended credit.
What is an excellent credit score range? How does it compare to the other credit score ranges? Here’s a breakdown of Good/Very Good/Excellent FICO credit score ranges as compared to the consumer’s credit utilization and their approval possibilities
What’s in a FICO® Scores? 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%)
As it pertains to Business Credit, a VantageScore is almost never considered in helping determine credit.
