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What is a “credit score?”

A credit score is a number roughly between 300 and 850 (some may be higher or lower) that lenders use to determine whether to grant you credit, or what to charge you in interest.  If your score is roughly below 700, you may still get credit, but at a higher rate.  If your score is too low, given the lender’s criteria, you may not get credit at all. 


Author: Margaret VanGinkel, vangin@iastate.edu
Related Information:
What a FICO score considers
FICO is the score lenders use. This site explains what goes into each score.
 

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Date last updated: 07/15/2002
Technical issues contact: jvohsman@iastate.edu


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