A credit score is a numerical rating that reflects a person's creditworthiness, or their likelihood of repaying a loan or credit card debt. Credit scores are based on credit reports, which are detailed records of a person's credit history. The most commonly used credit score in the United States is the FICO score, which ranges from 300 to 850. The higher the score, the better a person's credit is considered to be. Credit scores are used by lenders, landlords, and other organizations to determine a person's creditworthiness. For example, a person with a high credit score is more likely to be approved for a loan or a credit card and may be offered a lower interest rate, while a person with a low credit score may be denied a loan or offered a higher interest rate. A credit score is calculated based on a number of factors, including: Payment history: This includes whether a person has made payments on time or missed payments. Credit utilization: This is the amount of cred...
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