Diffence between FICO score and RISK factor when leasing from a land;pr for retail purposes?
My husband and i have just been told that our RIsk scores are 13 and 15 when trying to leae for a retail space. Does anyone kmow the dirference beween FICO scores and RIsk scores? I do not know that our FICO scores are in the 800's what does 13 and 15 mean in a RISK Score?
Public Comments
- FICO scores are your credit scores. Somebody who extends credit of any sort usually has an overall risk score. The risk score will look at credit scores, stability items like employment and residence, cash reserves, down payments, taxes and other 'contingent liabilities', etc. Each risk rating system will have its own scoring, which vary quite a bit. The FICO in the 800s shows that you have EXCELLENT credit. The 13 or 15 (out of???) shows that there was another item, or more, that they look for that you did not show. These items can be like what is mentioned above, down payments, cash reserves, etc. When leasing a retail space, they will look at size of the space, duration of the contract, build out costs, the retail 'fit' with the remainder of the other retailers there. If you sell a certain widget, there might be another retailer there that also does that and has some sort of anti-compete clause in his contract that disallows the landlord from leasing to a competitor. Your realtor, hopefully a CCIM level commercial realtor, can guide you from here. Good luck!
