Credit Score

A credit score is a numerical rating that represents a person's creditworthiness based on their credit history. Scores typically range from 300 to 850, with higher scores indicating better credit.

Credit scores are calculated using factors like payment history, amounts owed, length of credit history, new credit, and credit mix. Lenders use credit scores to determine loan approval and interest rates. The most common scoring model is FICO.

Related Terms

FICO

Fair Isaac Corporation

FICO is the company that created the most widely used credit scoring model. A FICO score is a three-...

Credit

In banking, a credit is a transaction that increases the balance in your account. On your bank state...

APR

Annual Percentage Rate

APR is the annual rate charged for borrowing or earned through investment, expressed as a percentage...

Mortgage

A mortgage is a loan used to purchase real estate, where the property serves as collateral. The borr...

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