What is a typical range for a FICO score?

A FICO score typically ranges from 300 to 850. This scoring system was developed by the Fair Isaac Corporation to assess an individual's credit risk. The majority of consumers fall within this range, where a higher score indicates a lower risk to lenders and a better credit history.

In the context of the options provided, the choice indicating a range of 300 to 950 exceeds the standard FICO score range since the maximum score is capped at 850. The same applies to the other options. Understanding the FICO score's structure is important because lenders use this score to evaluate an applicant's creditworthiness when considering them for loans, credit cards, and mortgages. A strong grasp of these nuances is essential for anyone involved in loan signing and real estate transactions, where credit evaluations play a significant role.