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Credit Score
A numerical representation of an individual's creditworthiness, used by lenders to determine the likelihood of repayment.
More Details
A credit score is a numerical representation of an individual’s creditworthiness, or the likelihood that they will be able to pay back the money they borrow. Credit scores are used by lenders, landlords, and other financial institutions to assess the risk of lending individuals money or extending credit to them.
Example
If you have a credit score of 850 (perfect), it demonstrates that you have had a lengthy history of timely payments, credit utilization, and a mix of various types of credits.
Related Terms
Estate Planning
The process of organizing and arranging for the management of a person's assets and property after their death.
Lender
A financial institution or individual that provides money to a borrower with the expectation of being repaid, often with interest.
Service Charge
A fee charged by a credit issuer or financial institution for processing transactions, usually added onto the total cost paid by a customer.