What is the range for credit scores under the FICO scoring model?

The range for credit scores under the FICO scoring model is indeed from 300 to 850. This scoring model is widely used in the lending industry to evaluate the creditworthiness of borrowers.

A FICO score of 300 represents the lowest end of the spectrum, indicating a very poor credit status, while a score of 850 reflects an exceptional credit history and behavior. This range is significant as it helps lenders to categorize borrowers into different risk tiers, thus determining their eligibility for loans, interest rates, and other credit terms.

It is essential for anyone involved in mortgage lending to comprehend this scoring system, as it influences the overall lending process and consumer financing decisions. Understanding the implications of various score ranges also allows loan officers to advise clients on how to improve their credit profiles.