Understanding credit score basics starts by understanding credit scores. Your credit score is a 3-digit number between 300 – 850 which acts as a “snapshot” or “letter grade” of your larger credit history. Lenders use your credit score as a quick-and-easy way to assess the level of risk if they offer you a loan. In practical terms, that means the better your credit score, the better your interest rates in most cases, and the more flexible lenders are likely to be with other terms as well.
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