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What is the definition of a credit score? How Should It Be Handled? It is used by lenders to determine how likely a person is to repay their debts. Credit scores can range from 300 to 850, with a higher score indicating a better credit history. Why is a credit score important? A credit score is important because it can affect a person's ability to obtain credit, such as a loan or a credit card. A good credit score can result in better interest rates and terms, while a poor credit score can result in higher interest rates or being denied credit altogether. Additionally, a credit score can affect other areas of a person's life, such as the ability to rent an apartment or obtain insurance. Factors that affect credit scores There are several factors that affect a person's credit score, including: Payment history - This is the most important factor in determining a credit score. Lenders want to see that a person has a history of making their payments on time. Credit mix - Hav
