Credit Score (Personal and Business)

Your personal credit score is a number that helps lenders calculate the risk associated with lending to you or your business. The credit score is determined by your debt and payment history on things like credit cards, mortgages, or other bills. Also known as a FICO score, credit scores can range from 300 (worst) to 850 (best). Things that can impact your credit score include bad personal payment history, little to no credit history, and high credit utilization (meaning you are using a high proportion of your available credit). Some lenders use a business credit score, or FICO Small Business Scoring Service (FICO SBSS), to make accurate lending decisions. The US Small Business Association now uses the FICO SBSS to pre-screen for its popular 7(a) loan. The score is calculated by looking at personal and business credit history, as well as other business financial information like age of the business, number of employees, and financial data. Learn more about credit scores in the Venturize Credit Score IQ section.