Your credit score is a number based on the information in your credit file that shows how likely you are to pay a loan back on time – the higher the score, the less risk you represent. The credit score that lenders use is called a FICO score. Your FICO score helps a lender determine whether you qualify for a loan and what interest rate you’ll pay. FICO scores are calculated from credit data in your credit file that can be grouped into five categories: payment history, amounts owed, length of credit history, new credit, and types of credit used.

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