Your credit score is one of the few things lenders consider when processing loan applications. Anything below 580 is considered bad and can make it harder to qualify for a loan. Still, a large number of lenders offer loans to applicants with a low score. You will, however, have to pay a very high rate if you do not have a decent score. Anything above 600 is considered decent and anything above 700 is considered excellent. Your credit score tells how likely you are to make timely payments.