 TITLE: Why Don’t I Have a Credit Score? CONTENT: Why Do You Want a Credit Score?\n-------------------------------\nCredit scores are an important aspect of your financial health, and having a good score can mean improved access to loans and better interest rates and borrowing terms. Obtaining new credit is often dependent on a credit check, where a lender evaluates your borrowing history and decides whether to approve you for the loan. Having a good credit score in this process can help you get approved and also can help you get better terms and interest rates that will save you money over the life of the loan.\nPeople with higher credit scores can shop around with multiple lenders to find the loan with the best terms and the lowest rate. Lower interest rates can save you a lot of money over time: Reducing a mortgage loan's interest by just one percentage point can result in tens of thousands of dollars in savings.\nWhat Is a Good Credit Score?\n----------------------------\nOf the many scoring models—each of which uses a different algorithm to calculate a score—the FICO® Score☉ , which is most commonly used by lenders, has a range between 300 and 850.\nFor FICO® Scores between 300 and 850, the ranges are categorized as follows:\n*   **800 and above**: Exceptional\n*   **740 to 799**: Very Good\n*   **670 to 739**: Good\n*   **580 to 669**: Fair\n*   **579 and below**: Very Poor\nTo have a very good or exceptional score, you'll need to have a long and sustained history of making payments on time. Payment history is the most important aspect of calculating credit scores and any blemishes in it can negatively impact your scores. Other things that factor into your score include how long you've been using credit, how much debt you have, what types of credit you use and how often you apply for new credit. END