What is the definition of a credit rating?

Answer Your credit rating is an important financial record that lenders and creditors use to determine your ability to pay back debt. A good credit rating is important to financing large purchases such as... Read More »

Top Q&A For: What is the definition of a credit rating

What is the highest rating you can get on a credit rating?

The FICO credit score ranges from 300 to 850, with 850 being the highest possible score. The FICO score, calculated by the algorithm created by the Fair Isaac Corporation, is the most widely used c... Read More »

What rating is a credit rating of 780?

A credit rating of 780 shows that you have near perfect credit and will likely qualify for the best rates lenders have to offer. According to the Fair Isaac Corporation, only about 40 percent of pe... Read More »

What is the best credit card for a bad credit rating?

On One Hand: Orchard Bank Offers Four ChoicesWhen you look through credit card applications online at traditional sites such as, you will see that Orchard Bank is mentioned seve... Read More »

Does it hurt a credit rating to cancel a paid off credit card?

Closing a paid off credit card can lower your credit score because that card will no longer report that you are on time with your payments each month. In addition, it will increase the percentage o... Read More »