A credit score is a
number that represents a person's likelihood of repaying a loan based on their
past loan repayment history. The score typically ranges from 300 to 900, with a
score of 700 or higher considered good. People with a good credit score are
more likely to be approved for loans and may also receive better interest
rates. Conversely, a low credit score may result from late credit card payments
or missed loan payments, and could lead to harsher loan terms and higher
interest rates.