What is credit score

Credit score is the most important financial information about an individual in United States. When you apply for a new Credit Card, Mortgage loan and Car Loan the lender will check your credit score determine financial behavior. Transunion, Equifax, Experian are the major credit reporting agencies. Lenders pay these agencies to get the customer’s credit report. They use FICO score and its between 300 and 850. Higher the better. 5 top factors that affect credit score are Payment history, Length of credit history, New credit and credit mix. 800-850 consider to be excellent. 740-799 consider to be Very Good. 670-739 is good, 580-669 is not good and below 580 considered to be poor.