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A credit score consists of a number that is calculated by applying a mathematical formula in order to determine a person's creditworthiness. Credit scores range from 300 to 850. In general, the higher your credit score, the greater your chances of obtaining a loan. A lower credit score generally means that you are less likely to be approved for a loan. You will pay a higher interest rate if you have a low credit score and you are approved for credit, as long as you have a low credit score. As a result, if you have a high credit score, you will be able to save many thousands of dollars over the course of the loan.

Basically, a credit score is a number that predicts a person's creditworthiness using a mathematical formula. Credit scores range from 300 to 850. A higher credit score increases your chances of getting a loan. The lower your credit score, the less likely you are to get a loan. Having a low credit score and being approved for credit will have a much higher interest rate than having a good credit score and being approved for credit. You can save thousands of dollars over the course of a mortgage, auto loan, or credit card with a high credit score.