2015-07-24 / Community

Saco & Biddeford Savings Institution

What is a Credit Score?

A credit score is a number used by a lender to help determine whether or not you qualify for a loan. Many lenders use the FICO score – a point system based on your credit history. There are three FICO scores computed using data provided by each of the three major credit bureaus - Equifax, Experian and TransUnion. With this information, lenders can predict how likely someone is to repay a loan and make payments on time. Credit scores usually range from 300 (high risk) to 850 (low risk). Typically a score above 680 is considered good. Your score, along with an explanation of how the score was derived, is available from each of the bureaus annually for free. Each may have different information, so your score may vary. You can also ask your lender for your score when you apply for a loan. For more info on credit reports, visit www.maine.gov/pfrconsumercredit_report.htm.

Return to top