Customer Service

Why Lenders Use Scores

Typically, lenders want to see how you have fulfilled your credit obligations in the past to help them determine if they should approve your request for credit now, and to help them determine the terms of that credit.

A FICO® score is a valuable guide to future risk based solely on credit file data. The higher the score, the lower the risk to lenders when extending new credit to a consumer. The score is an objective measurement of your credit risk at a particular point in time.

Lenders may also evaluate other types of information -- such as data you provide on the credit application (for example, income, how long you have lived at your residence, other banking relationships you may have) in their loan evaluation process.