Credit Score
What is it? A number that indicates an individuals creditworthiness. Credit bureaus determine the score with a statistical program. You are given points for such things as your credit card debt, number of cards, total debt level, and whether you rent or own your own home. Even the number of inquiries from potential creditors can affect your score because a high number of inquiries may signal credit problems. Creditors use the score to decide whether to give you a mortgage, issue a credit card, or offer a small business loan. A good score can result in a lower interest rate; a poor score can mean you will be charged a higher interest rate or denied a loan or credit card.Added By: Joshua
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