What is a credit score

What is a Credit Score?

➡️ FOLLOW TO INCREASE YOUR CREDIT SCORE ✅ A credit score is a three-digit number that represents an individual's creditworthiness. It is used by lenders to assess the risk of lending money or extending credit to a borrower. A high credit score indicates that the borrower is likely to make timely payments, while a low credit score suggests the opposite.There are several credit scoring models used by lenders, but the most widely used is the FICO score, which was developed by the Fair Isaac Corpora

➡️ FOLLOW TO INCREASE YOUR CREDIT SCORE ✅ Understanding Your Credit Report and ScoreYour credit report is a detailed record of your credit history, including information about your debts, payment history, and credit utilization. Your credit score is a numerical representation of your creditworthiness, based on the information in your credit report.The two most widely used credit scoring models are the FICO score and the VantageScore. Your FICO score ranges from 300 to 850, and the higher your sc

➡️ FOLLOW TO INCREASE YOUR CREDIT SCORE ✅ There are several credit scoring models used by lenders, but the most widely used is the FICO score, which was developed by the Fair Isaac Corporation. The FICO score ranges from 300 to 850, with a score of 750 or above considered to be excellent.So, how is a credit score calculated? Here's a breakdown:Payment history (35% of total score): This is the most important factor in determining your credit score. It includes information about your past and curr