A credit score is a 4-digit numerical rating that indicates your likelihood of repaying your debts, or the chances of going into default.
Banks and other financial institutions look to your credit score when processing your application for a unsecured loan or credit facility. Your credit score Your credit score will help them guagto determine the risk involved in approving your application for a unsecured loan or credit facility. This helps them to gauge your likelihood of defaulting on your loan.
This is an indicator of risk that is based on statistical validation determined by credit card providers and credit bureaus. Your credit score represents your entire credit history in one numeric measure.