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Credit Score

Credit Score

Calculated with a formula based on variables including payment history, credit length and amount owed, your credit score may affect the interest rate you pay to a lender and even make the difference between a loan being approved or declined. Read on to learn a few credit score basics, and what scores within a variety of ranges may mean for your borrowing future.

Your credit score is a number that represents the risk a lender takes when you borrow money. A FICO score is a well-known credit score created by the Fair Isaac Corporation, and used by credit agencies to indicate a borrower’s risk. Another credit score is the Vantage Score, which was developed via a partnership between three credit unions, Equifax, Transunion, and Experian.

Your credit score calculation represents your credit risk at a moment in time, based on information found on your credit report.

  • Making payments on time.
  • Paying more than the minimum required amount.
  • Keeping balances low on revolving credit accounts.
  • Applying for new credit only when you need it.
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