What is a credit score? It's a three digit number that has more control of your life than most people realize. It's based on your credit report and is basically a numeric representation of your willingness and ability to repay debt. It can decide whether you qualify for a loan and the amount and interest rate of the loan. It could also play a role in your employment and the price you pay for insurance. Interestingly enough, income is not a consideration.
Although there are many credit scores out there, the granddaddy of them all is FICO from Fair Isaac Corporation. It ranges from a low of 300 to a high of 850. The lower you are on this scale the less likely is your ability to get good cheap credit. I think today anything below 600 is considered deadbeat status and a lot of us are headed that way.
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