A credit score is a number between 300-850 that is meant to tell people how likely it is that you will repay your debts.
A low score means you are considered less likely to pay your debts. If you have a low score, you may have trouble getting loans or finding a place to live. You may pay higher interest and fees, so it is a lot more expensive to get loans.
A high score means you are considered more likely to pay your debts. If you have a high score, it will be easier for you to get loans and find a place to live. You will pay lower interest and fees, so you will save a lot of money on loans.
Having no credit score means that there isn’t enough information to know if you are likely to pay your debts or not. This usually happens if you’ve never used credit before, haven’t used it for a long time, or just started using credit.
You may be able to find your credit score through your bank, or through an online service. Don’t pay for your credit score - there are ways to get it for free!
There are a lot of different scoring models; the main ones are FICO and Vantage Score, and there are different versions of both of those. Your score may be slightly different depending on the scoring model used, but it should be roughly in the same range.
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To Do: Find your credit score. If your bank has an app, check there first. If you can’t find it there, try a free online service. If you use a free online service, you may get a lot a spam trying to get you to open new accounts - just ignore those!
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Tip: Seeing your credit score can be an emotional experience, especially if your score is low. Remember, it is just a number, and it’s a number that can change with time and good credit habits.
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