Credit Score

A number assigned to a person that indicates their capacity to repay a loan. A loan applicant’s creditworthiness is based on their credit history, or their demonstrated ability to repay past debts. A consumer’s credit history is based on:

  • Types of credit accounts
  • Loan amounts
  • Credit used
  • Timeliness of repayment
  • Number of credit inquiries

Consumer credit scores range from 300 to 850. The higher the score indicates a consumer is more likely to repay their debts. According to credit sesame, credit scores may fall into the following categories:

  • Excellent: 750 & Above
  • Good: 700 – 749
  • Fair: 650 – 699
  • Poor: 550 – 649
  • Bad: 500 & Below

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