Essentially, a credit score is a number ranging from 300 to 850 to help lenders determine the likelihood that you’ll pay your loan back to them.
Some common factors when determining your credit are: - Paying Your Bills - Your Debt - Credit Card Usage - Credit and Loan Applications
It is illegal to include race, religion, nationality, gender, and marital status when determining your credit score.
Reviewing your credit report each year is an excellent way to find discrepancies or wrong information that may be hurting your credit score.
Having a good credit score can be beneficial for several reasons. Most of these reasons revolve around your ability to secure getting new loans.
As a result, there are several ratings credit scores can fall into in the FICO rating system: poor, fair, good, very good, and exceptional.