Origin of credit score
Words nearby credit score
MORE ABOUT CREDIT SCORE
What does credit score mean in credit management?
A credit score is a number assigned to a person indicating their capacity to repay a loan to potential lenders. It is based on a person’s spending and credit history and ranks financial creditworthiness.
Banks or other creditors use this score to assess a potential borrower’s credit risk, that is, the probability they will default on a loan. A good credit score can result in a lower interest rate being offered, which will lower the total interest paid over the life of the loan.
Credit scores are calculated taking into account the individual’s financial history, including the timeliness of payments of credit cards, loans, and consumer bills, and any defaults on outstanding debts. Improvements in any of these areas can raise a credit score, while any deteriorations can lower a score.
Credit card issuers use a credit score to limit the amount of outstanding balance a cardholder may have.
A FICO Score (the credit rating most used by banks and credit card issuers) can range from a low of 300 to a high of 850, the higher numbers reflecting more ideal borrowers.
Examples of credit score in a sentence
“A good credit score can help you qualify for financing, such as personal loans.”
—”What Is A Credit Score (And Why It Matters)” Rocket Loans. Retrieved March 15, 2020.
“Apart from a good credit score, lenders also look at factors such as your individual income and your ability to pay back another loan.”
—”Personal Loan Vs. Credit Card” Rocket Loans. Retrieved March 15, 2020.
“While it depends largely on the lender, the minimum credit score you’ll need to get a personal loan usually falls anywhere between 600 to 700.”
—”How To Get A Personal Loan” Rocket Loans. Retrieved March 15, 2020.
Other terms connected with the topic of credit score
How to use credit score in a sentence
Walston had put in applications for each, and each had been rejected, even though she was making $55,000 a year and had entered a debt consolidation program to repair her credit score.The stimulus relieved short-term pain, but eviction’s impact is a long haul|Kyle Swenson|February 8, 2021|Washington Post
This ridiculous collection has caused my credit score to drop.Debt collectors, payday lenders collected over $500 million in federal pandemic relief|Peter Whoriskey, Joel Jacobs, Aaron Gregg|January 15, 2021|Washington Post
She would submit the paperwork, work out payment plans, try to explain how an eviction could damage a credit score for years to come.Trying to enjoy the holidays with eviction looming in the new year|Kyle Swenson|December 27, 2020|Washington Post
Right now, when you go get a credit card, you don’t know if it’s the best rate you can get based on your credit score.Intuit’s CEO on the $7.1 billion Credit Karma acquisition, reorienting toward A.I., and reskilling workers|Geoffrey Colvin|December 22, 2020|Fortune
The changes basically made it more difficult for people to rebound their credit score by consolidating credit card debt.Upstart CEO talks major IPO ‘pop,’ A.I. racial bias, and Google|rhhackettfortune|December 18, 2020|Fortune
But give the Kingdom credit for its sense of mercy: The lashes will be administered only 50 at a time.In Defense of Blasphemy|Michael Tomasky|January 9, 2015|DAILY BEAST
Yes, we do typically do better than Europe (and Canada, too, which is frequently awful on this score).How the PC Police Threaten Free Speech|Nick Gillespie|January 9, 2015|DAILY BEAST
To his credit, Huckabee is conscious of the fact that he will need a cluster of deep-pocketed patrons and bundlers.Can Huckabee Convert the GOP’s Moneymen?|Lloyd Green|January 4, 2015|DAILY BEAST
To be sure, Jefferson did share the credit, but not in the way such a resolution might be interpreted.Forget the Resolutions; Try a Few Declarations|Kevin Bleyer|January 1, 2015|DAILY BEAST
That could include private financial or personal information—like the credit-card numbers you used to pay for the corrupted Wi-Fi.How ‘Ethical’ Hotel Chain Marriott Gouges Guests in the Name of Wi-Fi Security|Kyle Chayka|December 31, 2014|DAILY BEAST
The Seven-score and four on the six middle Bells, the treble leading, and the tenor lying behind every change, makes good Musick.Tintinnalogia, or, the Art of Ringing|Richard Duckworth and Fabian Stedman
Indeed, a score of bodies lying there had not been seen by Malcolm during his first frenzied examination of the house.The Red Year|Louis Tracy
After all, here was a babe equipped to face the exigencies of a censorious world; in looks and apparel a credit to any father.The Joyous Adventures of Aristide Pujol|William J. Locke
The Indian turned his head, and spoke to some one behind; one after another a score of figures rose.Ramona|Helen Hunt Jackson
The result of the restoration of trade, banking, and credit to earlier and more normal conditions has been steadily apparent.Readings in Money and Banking|Chester Arthur Phillips