What Does My Credit Score Mean?
Your credit score is a number based on the information in your credit report that helps lenders determine whether you're likely to pay back your loans, credit cards, or other debts. Most lenders use the FICO scoring model, which ranges from 300 to 850. Here's an overview of what credit scores are, and how to interpret your own FICO score.
In a nutshell, your credit score is designed to be a numerical representation of the information in your credit report. This helps to streamline the process of applying for credit -- instead of reading through your entire credit report before making a lending decision, a lender can simply use your score to gauge your risk of default.
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Source: Fool.com
