There are several agencies that create credit scores, but the most widely used are FICO ® scores created by Fair Isaac Corporation.įICO ® scores can range from 300 to 850-the higher, the better. It really is a summary of your credit risk, based on information from a variety of sources such as credit card companies you deal with, banks where you have loans-almost anyone who has issued you credit. Your credit score is a number that helps lenders determine how likely you are to make your payments on time. Here are some basics to help you understand what to look for and why. With so much resting on your credit score, you can’t afford to ignore it. Buying a house? Your mortgage interest rate will be affected by your credit score. Need a car loan? Your dealer or bank will check your credit score. Trying to rent an apartment? Your landlord may well check your credit score. Whenever-wherever-you're trying to get credit, your credit score plays a part.
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