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What’s a FICO Score and How Does it Affect Student Loans?

What’s a FICO Score and How Does it Affect Student Loans?
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Kaitlin Butler profile
Kaitlin Butler July 29, 2014

FICO sounds familiar but what does it actually mean, and what strategies can you use to make sure it helps your student loans? We've got the breakdown right here.

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Offered By Case Western Reserve University logo
Entrepreneurs fostering new ventures outside of well-developed entrepreneurial ecosystems like Silicon Valley face significant challenges. These markets are unlike Silicon Valley, and they will likely remain so. That doesn't mean they can't nurture and sustain new businesses. In transitioning markets that lack abundant private sector financing, creative approaches from government officials, donors, and business leaders can fill the void to support entrepreneurial activity. Northeast Ohio (where Cleveland and Case Western Reserve University are located) has become a laboratory for such innovative solutions. During our time together in this course, we will explore some of these creative approaches to promoting regional entrepreneurship. Northeast Ohio has seen a massive infusion of government and donor resources for over ten years. In that time, Northeast Ohio has promoted regional development (including job creation and follow-on funding) through alternative methods of financing startups. It has not been easy. The region has made progress, but it remains to be seen whether it has struck upon an enduring formula. A dynamic entrepreneurial ecosystem takes many years, even decades, to develop. Government policymakers and donors typically seek quicker returns on their support programs, which makes long-term support for entrepreneurship challenging. This course includes case studies and first-person testimonials from entrepreneurs who have launched products and services ranging from medical devices to LED lights to whiskey. You will learn how these entrepreneurs discovered and procured resources from various programs and intermediary organizations. You will hear from business people still in the process of developing their companies as well as those whose ventures have flourished. Our focus will extend beyond Cleveland to selected markets around the world, including Greece, Vietnam, Tunisia, Argentina, Rwanda and China. You will learn about international incentives and other supports available to developing startups and small businesses across the globe. This course examines how different communities around the world approach implementing strategies and methods to support businesses. I will ask you to reflect on how to apply the principles we learn to growing entrepreneurship where you live. The social interactive features of the online platform will enable students from around the world to share ideas and learn from one another. Most MOOCs rebroadcast professors’ lectures; this course is different. Don’t expect to see me standing in front of the camera, talking and lecturing every module. Instead, the lectures will be relatively short in length. They have more of the feel of an engaging documentary than a static classroom setting. ## __What type of person takes the *Beyond Silicon Valley* course?__ - Active and aspiring businesspeople in communities looking to initiate new startup ecosystems or bolster existing ones - Current and prospective entrepreneurs who want to learn about funding sources, risk management, and the lifecycle of startups - Professionals who work in government agencies, nongovernmental organizations, philanthropic institutions, and various private funds that fund startups - Anyone curious about how to create and grow startup ecosystems outside the major tech hubs - The principles Beyond Silicon Valley teaches have been drawn from and applied to startups worldwide, from small villages to megalopolises. You'll study success stories spanning the globe from Vietnam to Kosovo to Botswana. ## __What will you learn in *Beyond Silicon Valley*?__ - How and where startups can find funding to get their businesses off the ground - What role government can play in encouraging startups and a healthy startup ecosystem - How anchor institutions such as universities and healthcare systems participate in startup ecosystems - How nongovernmental organizations support startups - How to raise funds from venture capitalists, angel investors, and accelerators - How to navigate challenging periods in the startup lifecycle - The importance of mentoring in successful startups
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A FICO score is the type of credit score that most lenders use to determine your creditworthiness. And your creditworthiness can determine what rates you get on lending products (or whether you are able to secure a lending product at all).

Why is it important and how can you make sure to get the best score possible? Read on to find out.

How is my FICO Score Calculated?

First, you actually have three FICO scores, not just one. Each of the three major credit bureaus (TransUnion, Experian, and Equifax) uses the FICO formula, developed by the Fair Isaac Corporation, to generate a unique credit score for you. Your three FICO scores may differ slightly based on each bureau’s proprietary data on your credit history.

Your FICO score can range from 300 to 850. You can use a free tool like Credit Karma to synthesize your credit scores and data from all three bureaus. Some services even offer your FICO score, gratis.

How Does my FICO Score Affect my Loans?

When you’re applying for a loan, your lender will most likely use your FICO to decide whether or not to lend to you. In some cases, applicants with high FICO scores will also be eligible to borrow at lower rates than applicants with lower FICO scores: if you have a high FICO score, you’re viewed as “less risky" by lenders, who may in turn offer you a better loan product.

Want to learn how to keep your FICO strong? Take CommonBond's informative credit quiz and make sure you’re not making any common credit mistakes that could hurt your FICO.

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Lean Six Sigma Yellow Belt Certificate

Offered By University of South Florida logo

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Beyond Silicon Valley

Offered By Case Western Reserve University logo

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