WHAT IS A CREDIT SCORE?

A credit score is a number generated by a mathematical formula that is meant to predict credit worthiness. Credit scores range from 300-850. The higher your score is, the more likely you are to get a loan.

​

The lower your score is, the less likely you are to get a loan. If you have a low credit score and you do manage to get approved for credit then your interest rate will be much higher than someone who had a good credit score and borrowed money. Therefore, having a high credit score can save many thousands of dollars over the life of your mortgage, auto loan, or credit card.

​

• 720-850 EXCELLENT

• 700-719 VERY GOOD

• 675-699 GOOD

• 620-674 AVERAGE

• 560-619  POOR

• 500-559  VERY POOR