Understanding Your Credit Score

Credit score is a range of numbers that helps lenders decide whether to approve someone for a loan.

What is the highest possible credit score a person can have?

The main purpose of a credit score is for lenders to decide whether or not to approve someone for a loan, mortgage, or credit card.

What is one other purpose of your credit score besides applying for loans or credit cards?

• Renting an apartment

• Booking a flight

• Voting in an election

Credit score is a range of numbers that helps lenders decide whether to approve someone for a loan.

What is the lowest possible credit score a person can have?

Many factors go into the calculation of a credit score. What is one factor that affects your credit score?

• Your income level

• Your payment history

• Your marital status

Which of the following actions can potentially improve your credit score over time?

• Consistently paying bills on time

• Frequently applying for new credit cards

• Closing old credit accounts