What is a credit score meaning?
A credit score is a prediction of your credit behavior, such as how likely you are to pay a loan back on time, based on information from your credit reports.
What is a credit score used for?
A credit score is usually a three-digit number that lenders use to help them decide whether you get a mortgage, a credit card or some other line of credit, and the interest rate you are charged for this credit. The score is a picture of you as a credit risk to the lender at the time of your application.
How is credit score calculated?
This is based on the entire amount you owe, the number and types of accounts you have, and the amount of money owed compared to how much credit you have available. High balances and maxed-out credit cards will lower your credit score, but smaller balances may raise it – if you pay on time.
What is a good credit score?
Although ranges vary depending on the credit scoring model, generally credit scores from 580 to 669 are considered fair; 670 to 739 are considered good; 740 to 799 are considered very good; and 800 and up are considered excellent.
[PDF] Understand your credit score - filesconsumerfinancegov
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[PDF] Understanding Your Credit Score Old National Bank
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Credit Score 101 www csuci edu/sbs/documents/understanding-credit-score pdf What is a Credit Score ? • A snap shot of your credit history • A gauge for lenders to decide •Whether to lend to you? •How much? •At what interest rate?
[PDF] All About Credit Scores - Trustco Bank
All About Credit Scores - Trustco Bank www trustcobank com/ pdf /Financial 20Literacy/Personal 20Finance/All 20About 20Credit 20Scores pdf 20 jan 2022 Having a good credit score is important because most lenders use credit scores to evaluate the creditworthiness of a potential borrower
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