A credit score is a numerical representation of an individual's creditworthiness, typically ranging from 300 to 850. It is calculated based on various factors, including payment history, credit utilization, length of credit history, types of credit accounts, and recent credit inquiries. A higher credit score indicates better credit health and increases the likelihood of loan approvals and favorable interest rates. Understanding and managing your credit score is crucial for achieving financial stability and accessing credit products effectively.
Credit Score
A credit score is a numerical representation of an individual's creditworthiness, typically ranging from 300 to 850. It is calculated based on various factors, including payment history, credit utilization, length of credit history, types of credit accounts, and recent credit inquiries. A higher credit score indicates better credit health and increases the likelihood of loan approvals and favorable interest rates. Understanding and managing your credit score is crucial for achieving financial stability and accessing credit products effectively.