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LSDefine

Simple English definitions for legal terms

FICO

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A quick definition of FICO:

Term: FICO

Definition: FICO is a tool that helps lenders decide if someone can get a loan or credit card. It uses a number between 300 and 850 to show how good someone's credit is. The higher the number, the better the credit. People with higher scores are more likely to get a loan and pay less interest. Scores below 579 are considered bad, while scores above 800 are considered great.

A more thorough explanation:

Definition: FICO is a credit scoring model developed by Fair Isaac Corporation. Lenders use FICO scores to determine if a person qualifies for a loan, and what interest rates or credit limits they should receive. Scores range from 300 to 850, with higher scores indicating a better likelihood of getting a loan and better interest rates.

For example, if someone has a FICO score of 750, they are more likely to be approved for a loan and receive a lower interest rate than someone with a score of 600.

FICO scores are categorized as follows:

  • Poor: below 579
  • Fair: 580-669
  • Good: 670-739
  • Very Good: 740-799
  • Exceptional: 800 or above

For instance, if someone has a FICO score of 800, they are considered to have an exceptional credit score and are more likely to receive the best interest rates and credit limits available.

Overall, FICO scores are an important factor in determining a person's creditworthiness and ability to obtain loans or credit.

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General

General chat about the legal profession.
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18:49
thank you my little crow friend
Dkk
18:50
Med law easy done
medicine is a scam
join the ethically ambiguous legal field instead
Dkk
18:57
I want to meet an attorney that defends clients who run into flat earth problems. I want an attorney that knows and believes in flat earth theory.
19:05
i want a flat earther for president. i want a guy who posts on 4chan for president. i want someone who mogs for president.
Dkk
19:18
Exactly. My version of that awful poem.
Dkk
19:19
I can accept a president with maybe one or two of the poems traits hut good God, all of them??? No ty.
windyMagician
19:20
president who respects sex is crazy
windyMagician
19:20
we had bill clinton already
Dkk
19:21
Bill Clinton, first and last black president
windyMagician
19:23
I want to go running but my leg feels weird
windyMagician
19:23
it doesn't hurt its just tingly
Dkk
19:26
It needs more alcohol. You tingle when your nerves need watering.
19:27
try stretching it maybe to see what's up
windyMagician
19:27
stretches make me think it's just soreness
windyMagician
19:27
I'm sober lol
Dkk
19:38
Anyone else get the google notification that your LSD password has been compromised lol. LSD got hacked.
20:48
what.jpg @Dkk
CynicalOops
21:03
You think you just fell out of a coconut tree?
jackfrost11770
21:10
nope dk
CynicalOops
22:37
Calvinamala Harris
jackfrost11770
23:16
should i start using letterboxed again
Dkk
23:25
@jackfrost11770: if you want but like it aint for me
dk do u ever eat at bk
Dkk
23:48
@chickenburgahfart: I would do that in the Army if really desperate for food or if I had to work through lunch. One of the few fast food places I go to.
bk so slept on
Dkk
0:23
I will take In N Out everyday over it when I can though.
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