Your credit score is a number between 300 and 850 that helps lenders determine the benefit or risk of loaning you money. Insurance companies, employers, and landlords may use this number to see how financially responsible you are. The higher the number, the better your score.
Whether you’ve paid past credit accounts on time
The amount of credit and loans you are using
How long you’ve had credit
Frequency of credit inquiries and new account openings
The mix of your credit, retail accounts, installment loans, finance company accounts and mortgage loans
Most lenders look at your credit score when they decide if they’ll loan you money.
For your financial wellbeing, make it a priority to pay your bills on time, keep your credit card balance low, and take other steps to improve your credit score.