How Credit Works

We depend upon credit for so many important things in life – whether it’s for buying a car, house or computer or getting a student loan.

A three-digit number – your credit score – can determine whether you can do these things and even how much it will cost you.

How can a simple number determine whether you can buy a house or car? Your credit report contains a history of how you’ve paid your bills, how much open credit you have, and anything else that would affect your creditworthiness. Your credit score boils down all of that information to a three-digit number. Using the credit score, lenders can predict with some accuracy how likely the borrower is to repay a loan and make payments on time. It’s how electronics and department stores can offer instant credit.

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