The power of your credit score can determine whether a bank or lending institution will loan money to you. Your score can also help them decide how much money they end up giving you. Lenders will often use your credit score to determine the risk they carry by entrusting you with their money. The higher your score, the more they can trust that your previously good credit behavior will continue should they offer you a loan. The lower your score, the less chance there is they will allow you to access their funds.

The Fair Isaac Corporation created the FICO credit score that is used by most institutions today. Your FICO credit score will range anywhere between 300-850. Anytime you take out a credit card, obtain a loan, make a late payment, or even check your credit score when applying for a line of credit, your credit record is flagged and your FICO score could potentially be affected.

Your score is determined by your credit report, which keeps track of your entire history of debt and payment (or non-payment) of that debt. Most transactions like bankruptcy or tax liens remain on your credit history for seven to ten years. Any positive reports remain on your record for ten years. Your score will change over time, depending on the amount of debt you obtain and how you pay back that debt.

There are other types of credit scores that are used to determine whether you are an eligible candidate for a loan or line of credit. Here are a few other examples of credit scores you may encounter:

  • The lender’s credit score
  • Non-FICO credit bureau scores
  • Application Score
  • Customer behavior score

 For more information about the credit scores used by lenders and banks, visit

If you have bad credit history, there are loans available that do not require a credit check. Secured auto title loans are one type of loan that many borrowers with a low credit rating can secure. Other loans with no credit history requirement include registration loans or payday loans. Visit your local bank or lender to determine what type of loan will work best for you. Only make a decision when you know the total interest rate of your loan, your payment options, and your ability to fully repay the loan on time.