FICO® Score vs Credit Score
Banks, lenders, credit card issuers, auto lenders, etc. use credit scores to decide what interest rate, loan, rebates & credit card terms to offer you if any. Your score is vital to you because it determines how much money you can borrow, how much interest you’ll pay, and what payment terms you’ll receive.
For business owners it’s just as important. Although it’s crucial to establish the creditworthiness of your business; having strong personal and business credit scores opens you up to much more funding opportunities. For example, to acquire unsecured lines of business credit that only report to your company’s business credit reports requires that the business owner or credit partner have a strong FICO® Score.
It’s like your credit grade point average (GPA). It indicates the measure of your credit achievements so lenders can quickly assess your current credit health. A strong score can save you thousands of dollars by enabling you to gain access to the best rates, loans, rebates, and premium credit cards.
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