Credit scores were designed to give a fast assessment of your creditworthiness. Obviously, when you apply for a loan your goal is to borrow money to make a purchase. The lender's goal is to be paid back. Your credit score helps them know how well you can be trusted to hold up your end of the bargain. There are many ways in which credit scores are calculated. But most use a range of numbers from around 300 to around 850. The higher your number, the more likely you are to receive a loan. And, one at a lower interest rate. You can get your credit score at a variety of companies. Two of the more popular scores are your FICO score which you can purchase at myFICO.com and your Vantage score which can be purchased through all three major credit bureaus. A low credit score doesn't necessarily mean you won't get credit but it makes getting a loan harder and might cause you to pay a higher interest rate. Being a responsible consumer is the best way to raise your score. The two most important factors to a high credit score are paying your bills on time and keeping your loan and credit card balances as low as possible. Other factors that influence your score are having a long credit history having a mix of different types of credit and not applying for a lot of credit in a short period of time. Following these simple guidelines can help you get credit when you need it and lower your interest rates.