Finance glossary
Credit Score
Definition
A number summarizing a borrower creditworthiness.
A credit score, such as FICO, distills a person credit history into a number, typically 300 to 850, predicting how likely they are to repay debt. It is based on payment history, amounts owed, and credit length. Higher scores unlock lower interest rates.
In a sentence
Her 800 credit score qualified her for the lowest interest rate the bank offered.
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