Holicent
VIP Contributor
You should keep a good credit score, and it's important to know what it is. A credit score is a number that represents your financial health. The higher your score, the better you're likely to be able to borrow money at a low interest rate. And if you're looking for a job or renting an apartment, having a good credit score can help you get the job or apartment more easily. Here's what you need to know about your credit score:
Your credit report determines your credit score. It's calculated using information from at least one of the major credit bureaus, Experian, TransUnion and Equifax and can range from 300-850.
Your credit score affects how much you pay for loans and other types of borrowing. For example, someone with a 700+ FICO score can get an auto loan for about 2% interest per year; someone with a 600+ FICO score will pay 4% interest per year on an auto loan; someone with less than 600 may have trouble getting approved for any type of loan at all.
Your credit report determines your credit score. It's calculated using information from at least one of the major credit bureaus, Experian, TransUnion and Equifax and can range from 300-850.
Your credit score affects how much you pay for loans and other types of borrowing. For example, someone with a 700+ FICO score can get an auto loan for about 2% interest per year; someone with a 600+ FICO score will pay 4% interest per year on an auto loan; someone with less than 600 may have trouble getting approved for any type of loan at all.
