Your Credit Score
Your credit score is an important number that reflects the information in your credit report. The score summarizes your credit history, which lenders use to help predict how likely it is that you will repay a loan and make payments when they are due. Lenders may use credit scores in deciding whether to grant you credit, what terms you are offered, and the interest rate you will pay on a loan.
When you apply for credit or a loan, your credit score allows you to get an answer faster. Credit scores help lenders make decisions based on financial factors, because they objectively measure the applicant’s risk profile. Credit scores also reflect recent payment patterns, so past credit problems are less likely to influence current loan requests.
