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LSDefine

Simple English definitions for legal terms

credit score

Read a random definition: declaration date

A quick definition of credit score:

A credit score is a number that shows how good someone is at paying back money they borrow. The higher the number, the better chance they have of getting a loan. The number is based on things like how many loans they have, if they pay them back on time, and how much money they owe. The most common credit score is called the FICO score and is used by most big lenders.

A more thorough explanation:

A credit score is a number that represents how likely a person is to repay a loan on time. The score ranges from 300 to 850, with a higher score indicating a better chance of getting approved for a loan.

The score is calculated based on a person's credit history, which includes:

  • The number of open accounts
  • Repayment history
  • The amount of debt

For example, if someone has a lot of credit card debt and has missed payments in the past, their credit score will be lower. On the other hand, if someone has a history of paying their bills on time and has a low amount of debt, their credit score will be higher.

The most commonly used credit scoring system is the FICO score, which was created by the Fair Isaac Corporation. It is used by 90% of top lenders.

credit reporting agency | credit shelter trust

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MIAMI A
[] AromaticTroubledDormouse
20:55
How does one know if they are UR1 or UR2?
[] AromaticTroubledDormouse
20:56
CONGRATS MACAQUE!
TY
got a random stanford email and almost had a heart attack
ALSO CONGRATS!
Congrats1!
21:15
Miami A, yall I'm so excited I could cry.
21:15
Feel like I can finally stop holding my breath!! Whew!!!
[] baddestbunny
22:16
every time I get accosted by a strange man who follows me around because my male coworkers were too busy talking to walk me back to my car I get closer to saying we need to bring back traditional gender roles
Dkk
22:32
Nice! @Macaque
Dkk
22:32
@Aromatic, Have to guess.
Dkk
22:33
That sucks @Bunny do you have to go to the hospital?
[] baddestbunny
22:40
I said accosted not assaulted
23:35
guys. my notre dame address just went long is this good or bad
1a2b3c4d26z
23:37
Oooooo me too
23:37
omg is this good or bad
Dkk
23:47
Idk if gender roles are gunna fix that then.
23:49
it looks like most people who applied in october last cycle didn't get a decision until january... does it even mean anything that our addresses went long??
hows ED 2 compared to ED 1?
Dkk
0:10
No idea
windyMagician
0:34
reporting live to say my ndls address also went long
does it mean anything ^
Dkk
2:21
NDLS and Fordham took a very long time last year. It's good info for people to know.
[] baddestbunny
4:29
let’s get after it boys and girls
Dkk
5:21
I gtg to bed soon.
Dkk
5:22
Big day today. Gunna be a crazy one. I will sleep through the first half.
good morning lsd it is 5 am EST
also jazzy my ndls address went long ages ago i sadly do not think it means anything
my stanford address also went long LOL i think at most it's an indicator it's under review
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