Credit Score Notes

Your credit score is affected by various factors
Payment History - you paying your bills on time, this has a high impact on your score
Credit Usage - What percent of your available credit you have used, this has a high impact on your credit
Derogatory Marks - You letting credit default, consistently missing payments, or lack of payments being sent to collections, this has a high impact on your score
Credit Age - the average age of all credit history, this has a medium impact on your score
Total accounts - surprisingly, a higher number of accounts is better for you (If they are in good standings of course), this has a low impact on your score
Hard Inquiries - A lender or credit card company doing a deep dive on your credit history will appear as a hard inquiry on your score, this has a low impact on your score

Credit Score: a number given to a person that lets lenders know their capacity to repay

Credit Score Values

Credit Score is given a numerical value from 300 to 850.

The national average for credit score is 701.

Your credit score can affect your borrowing power (amount). Higher scores usually are accompanied with higher borrowing power.

Your score can also affect your interest rates. Lower scores usually have higher interest rates.