what is the difference between credit wise and fico?
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What is the difference between the Equifax Credit Score™ and the FICO® Score? ... The Equifax Credit Score uses a numerical range of 280 to 850, where higher scores indicate lower credit risk. The FICO Score uses a numerical range of 300 to 850, where higher scores also indicate lower credit risk.
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A FICO® Score of 625 places you within a population of consumers whose credit may be seen as Fair. Your 625 FICO® Score is lower than the average U.S. credit score. Statistically speaking, 28% of consumers with credit scores in the Fair range are likely to become seriously delinquent in the future.
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Key Takeaways. Credit cards give you access to a line of debt issued by a bank. Debit cards deduct money directly from your bank account. Credit cards offer better consumer protection through warranties and fraud protection but are costlier.
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While credit limit is the total available credit on a credit card, cash limit is the amount of cash one can withdraw using a card. ... Further, when there is cash withdrawal on a credit card, the same amount will be debited from the available credit limit on the card, while the total credit limit remains the same.
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Unlike a credit bureau which provides potential lenders with your detailed credit history, FICO provides a score based on data from the big credit bureaus that shows lenders how creditworthy you are right now. ... For example, if your TransUnion score is 750 your FICO score might be as low as 700 or even 690.
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It will take about six months of credit activity to establish enough history for a FICO credit score, which is used in 90% of lending decisions. FICO credit scores range from 300-850, and a score of over 700 is considered a good credit score.
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A credit report will document which accounts are in good standing, if any debts are past due, and other information about your financial history. A credit report, however, is a type of consumer report. A consumer report is a broader report that contains personal identifying information beyond credit.
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A fair credit score is generally considered to be a FICO® Score☉ of 580 to 669. ... FICO® Scores often range from 300 to 850 and most FICO® Scores fit into one of five categories: very poor, fair, good, very good and exceptional.
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What is the Difference Between Fiduciary and Fidelity? The easiest way to remember the difference between Fiduciary Liability insurance and a Fidelity bond is that Fiduciary will pay the losses associated with managing money, while a Fidelity bond will reimburse for employee's dishonest acts.
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Although they sound alike, make no mistake that Capital One and Credit One offer very dissimilar credit cards. Capital One is a dominant issuer and suits folks with excellent, good, or average credit. Credit One is a smaller financial institution geared toward consumers with bad or no credit.
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The major difference is that with a credit card, the bank lends you money to use which you can use and pay them back with interest on a monthly basis. Whereas, with the debit card, you are spending the money which you already have.
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FICO uses a 45-day span to deduplicate your credit inquiries. VantageScore limits its focus to only a 14-day range. VantageScore also looks at multiple hard inquiries for all types of credit, including credit cards. FICO considers only mortgages, auto loans, and student loans.
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Capital One issues Visa credit cards and Mastercard credit cards both. Unlike Capital One, which is a bank, Visa and Mastercard are card networks. That means Visa and Mastercard do not issue credit cards but instead help to process their transactions and provide some supplemental benefits.
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HDFC i heard is decent too but offers are not great. CITI is very stingy with credit limits and on the other hand HDFC is very generous. If you need higher credit limits opt for HDFC card or else stick with Citi for better offers.
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Both the Equifax Credit Score and the FICO Score are general-purpose score models used to predict credit risk. The Equifax Credit Score is a proprietary model created by Equifax. The FICO Score is a proprietary model created by Fair Isaac Corporation (FICO) .
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A FICO credit score of 658 is recommended for a higher chance of approval, but this is not required. There are a number of other factors that this issuer may also consider when making decisions for approval.
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FICO just provides a numerical credit score, based on an individual's payment habits and the amount of debt they carry. Credit burueaus Experian and Equifax both provide scores, too, but they also provide detailed credit histories on individuals.