A credit score is a number assigned to you to represent your creditworthiness. Lenders use it to determine how likely you are to make on-time payments on your loans.
Different credit scoring models calculate credit scores based on a variety of factors. Mint utilizes the VantageScore model, which measures credit on a scale ranging from 300 to 850. Your VantageScore is determined by six factors:
– Payment history
– Age and types of credit
– Credit utilization
– Total balances and debt
– Recent credit inquiries
– Available credit
While there’s no single way to define a good credit score or bad credit score, VantageScore does provide guidance on grading score on a scale of A to F:
– Grade A: 781 – 850
– Grade B: 720 – 780
– Grade C: 658 – 719
– Grade D: 601 – 657
– Grade F: 300 – 600