You can also visit the sites about credit score:
What is a good score?
Your credit report score is based on a formula developed by Fair, Isaac & Co. (FICO) or a handful of other credit reporting agencies on a scale ranging from 300 - 850. The higher the score the better.
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What is Credit Score?
Credit Score is the statistical data that clearly show your financial position. It not only indicates your financial position but it also indicates your bankruptcy and many other negative remarks. It is generally 3-digit number, which is based on your credit report. In fact there is not so much difference between credit report and score.
Usually the credit score ranges from 300-750 but the average credit score lies within 600-750 which is regarded as good credit score. Person below this average range must try to increase their credit score.
Considering its vital importance one must always try to improve his/her credit report and score. Now day's credit bureaus provide credit report and score through online service. With the help of online services one can easily get the free copy of credit report and check credit report rating, which can act as an obstacle if not favorable. So it is advisable to order credit report instantly.
How is a credit score calculated?
A credit score is a value assigned to several criteria used in making lending decisions. Criteria include the amount you owe on non-mortgage related accounts such as credit cards, your payment history, and credit history. Scorers take this information from your credit report and plug it into formulas that calculate a value representing the amount of risk you pose to a lender. That value takes into account the track record of other consumers with similar credit profiles. By looking at this value, or score, lenders are able to roughly gage whether it's a good idea to extend you credit.