What is a credit score?

A credit score is a number that is used to represent a person’s creditworthiness. It is based on a formula that takes into account information in your credit report from the three major credit bureaus. The higher your credit score is, the more creditworthy you are deemed to be. Generally, a FICO score of 700 or higher is considered good while scores of 750 or higher are considered excellent. Lenders in South Carolina and other states use credit scores to decide how likely you are to pay back a loan. If you have a higher credit score, lenders may be willing to lend you more money and give you lower interest rates. On the other hand, if you have a lower credit score, lenders may hesitate to lend you money or only offer you terms that are less favorable. Having a good credit score is important in South Carolina because it can help you access better terms when you need to borrow money. It can also help you get more competitive rates on car insurance and other types of insurance. It is important to keep an eye on your credit score and work to maintain a good credit record since it is a key factor in your financial life.

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