Credit Score

A credit score is a numerical representation of your creditworthiness, ranging generally from 300 to 850. It reflects how likely you are to repay borrowed money, based on your credit history, including payment history, amounts owed, length of credit history, types of credit used, and new credit inquiries. Lenders use this score to assess risk when determining if they will approve loans or credit applications and what interest rates to offer. A higher score indicates better creditworthiness, which can lead to better borrowing terms and conditions. Maintaining a good credit score is important for financial health.