Manasha1
Active member
A credit score refers to a number that indicates a person's creditworthiness. It is determined by characteristics such as payment history, credit use, credit history duration, credit kinds utilized, and new credit queries. Credit scores vary from 300 and 850, with higher scores suggesting more creditworthiness.
Credit scores are significant because they are frequently used by lenders, credit card issuers, and other financial organizations to assess a person's creditworthiness and capacity to repay debt. A good credit score can lead to better loan conditions, cheaper interest rates, and wider credit availability, whereas a poor credit score can lead to higher interest rates, credit refusal, or unfavorable loan terms.
Credit scores are significant because they are frequently used by lenders, credit card issuers, and other financial organizations to assess a person's creditworthiness and capacity to repay debt. A good credit score can lead to better loan conditions, cheaper interest rates, and wider credit availability, whereas a poor credit score can lead to higher interest rates, credit refusal, or unfavorable loan terms.
