What is a credit score?
Your credit score is a number that summarizes your credit risk, assessing your likelihood of defaulting on payments you owe (i.e., going 90 days or more without paying a debt obligation).
Scores are based on a snapshot of your credit file at particular consumer reporting agencies at a particular point in time, helping lenders to evaluate your credit risk. Your credit score can influence the credit that’s available to you and the terms or interest rates that lenders offer you, if any, when you apply for a loan or line of credit.
Your credit score may be utilized by various entities to assess your creditworthiness and financial reliability:
- Lenders – When applying for or refinancing debt, to help assess the likelihood that you will fall behind on the payment of a loan
- Landlords – When determining your ability to pay rent on an apartment and how much a security deposit will be required to sign the lease
- Mobile Phone Companies – When determining payment plans you are eligible for and whether or not a security deposit will be required
- Utility Companies – When determining whether or not to require a security deposit, and if so, how much of a deposit to require
Credit Score FAQ
- What is VantageScore®?
- How do I check my credit report?
- Why does my credit score fluctuate/change?
- Why is my credit score at Visions different from other scores I've seen?
- Why is my credit score not available in digital banking?
- Will receiving my credit score in digital banking or at a Visions branch impact my credit?
- How is my credit score calculated?
- What is a FICO® Score?
