Credit Score
A numerical measure indicating the likelihood of timely debt repayment.
Detailed Description
Credit Score
What is a credit score?
A credit score is a numerical representation of an individual's creditworthiness, typically ranging from 300 to 850.
Why is a good credit score important?
A good credit score influences the ability to secure loans, obtain credit cards, and can lead to more favorable loan terms.
What factors affect a credit score?
Key factors include payment history, credit utilization, length of credit history, types of credit used, and new credit.
How can I check my credit score?
You can check your credit score through credit bureaus or financial institutions that offer free credit score services.
What are some ways to improve my credit score?
Strategies include paying bills on time, reducing debt, avoiding new hard inquiries, and maintaining old accounts.