Your credit score is a three-digit number that is used to predict how you will pay your bills. The score ranges from 300-850 and is calculated using your credit history information from your credit report.
When you make an application for credit, the creditor or lender uses your credit score to quickly make a credit/no-credit decision. This same decision can very well be made by simply viewing your credit report, but the credit score makes decision-making easier and less subjective.
While there are several different versions of the credit score, the most commonly used version is the FICO score. Developed by the Fair Isaac Company, the FICO score is used by many creditors and lenders to decide whether or not to extend credit to you.