Credit Score
A credit score is a three-digit number, typically between 300 and 850, that summarizes how reliably you repay borrowed money. It is based on payment history, amounts owed, length of credit history, new credit, and credit mix. Higher scores unlock lower interest rates on mortgages, loans, and credit cards.
Example
Improving your score from 640 to 760 could lower a 30-year mortgage rate by roughly 0.5–1%, saving tens of thousands in interest.