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Banks, credit card companies and other businesses use credit scores
to estimate how likely you are to pay back money you borrow.
A higher score makes it easier to qualify for a loan or lower interest rates. Many scores range from 300-850, but different companies use different ranges.
You have many credit scores
You can have more than one score, because:
- Lenders use different scores for different products.
- There are many different credit scoring formulas.
- Information can come from different credit reporting sources.
