A credit score is a number that lenders use to determine whether or not to extend a person credit. It is determined based on the track record of the person and ranges between 300 and 850. There are two other names for your credit score, FICO score and consumer score.

If you’ve ever wondered where the number comes from, it’s pretty simple; it’s based on the information in your credit report such as total debt owed, length of credit history and kinds of credit accounts. Your credit score can fluctuate. The higher the number, the better. Anything 700 and above is considered good. If your score goes under 700, you begin to fall into the poor rating category.

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