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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
Jumbo Loans
A type of mortgage that exceeds the conforming loan limits set as eligible for purchase by government-sponsored enterprises.
Private Mortgage Insurance (PMI)
Insurance that protects lenders in case of mortgage default—typically required if the down payment is less than 20% of the home's purchase price.
Accrued Interest
Interest earned on a member's loan or debt that has not yet been paid or added to the principal.