What is “credit score”?
Each individual has a credit score. This score reflects the level of risk associated with lending to that individual. Scores range from 400-800, with higher being better. Negatively affecting your score are things such as late payments, judgments or collections, heavy use of credit, high ratio of actual credit to available credit, and inquiries into your credit. Credit score plays a significant role in determining your ability to get a mortgage loan. Click here to learn more about your credit score.
A Credit Score is given to an individual based off of your credit history. Creditors look at this score and determine if they will lend you money for things such as: A Car, A Home, A Loan, or a Credit Card. Depending on how high your score is determines if they will approve you or deny you of credit. The higher your score the lower the risk and the lower your score the higher the risk.
