What Does That Three-Digit Number Mean?
Your credit score is a 3-digit number that lets lenders know how much of a credit risk you are. This number is between 300 and 850. In general, the higher the number, the better credit risk you make. This means you are likely to get approved for credit with a more favorable interest rate. If your score is less than 620 or below, you will likely have difficulty getting credit or loan. On the other hand, if it is above 720, you probably can get approved for credit very easily. However, different lenders looked at credit score in a different ways. Some of them will use your score as the sole criteria for judging your credit worthiness. If you have low score, they will not want to work with you and reject your credit application right away. Then there are other lenders who use it as one of the many factors to assess your credit worthiness. These lenders will also look at your credit history and identify any trends that may indicate that you are too risky for credit. The 3-digit number is d
