A credit score is a numerical representation that's obtained by using a formula to rate your credit report. Computer programs take your credit report, analyze certain factors, and then assign a number to you that is suppose to tell creditors of the likelihood that a you will repay a loan or credit card on time. The higher the credit score, the better risk you are believed to be. Your credit score changes any time information changes in your credit report and if you have a short or incomplete credit history, it may not be possible to calculate a credit score at all.
A credit score generally ranges from the 300s to the 850s. The following is a break down of what your credit score may mean but remember than these credit score results are often interpreted differently by different lenders.
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A credit score is a numerical representation that's obtained by using a formula to rate your credit report. Computer programs take your credit report, analyze certain factors, and then assign a number to you that is suppose to tell creditors of the likelihood that a you will repay a loan or credit card on time. The higher the credit score, the better risk you are believed to be. Your credit score changes any time information changes in your credit report and if you have a short or incomplete credit history, it may not be possible to calculate a credit score at all.
A credit score generally ranges from the 300s to the 850s. The following is a break down of what your credit score may mean but remember than these credit score results are often interpreted differently by different lenders.