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In order to determine a person's creditworthiness, a credit score is calculated by applying a mathematical formula. A credit score ranges from 300 to 850. A higher credit score increases your chances of getting a loan. Loan approval is less likely if you have a low credit score. Low credit scores will result in higher interest rates if you are approved for credit with a low credit score. Therefore, if you have a high credit score, you will be able to save thousands of dollars in interest.

Based on a mathematical formula, a credit score predicts a person's creditworthiness. The range of credit scores is 300 to 850. Your chances of getting a loan increase with a higher credit score. Loans are less likely to be approved if your credit score is low. A low credit score and approval for credit will result in a much higher interest rate than a good credit score and approval. A high credit score can save you thousands of dollars over the course of a mortgage, auto loan, or credit card.