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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
Home Equity Line of Credit (HELOC)
HELOC stands for home equity line of credit, which is a type of loan that allows a homeowner to borrow against the equity in their property.
APR
APR, or annual percentage rate, is a measure of the cost of borrowing money that includes the interest rate and other charges as a yearly rate.
Adjustable Rate Mortgage (ARM)
A home loan with an interest rate that is fixed for a certain period, after which it may fluctuate with the market.