Your credit score is a three-digit number on a scale from 300 to 850 intended to suggest your creditworthiness. The higher up on the scale your score is, the more creditworthy lenders and credit card companies consider you. Your credit score demonstrates how you have managed the credit given to you already and is used to indicate how you are likely to handle new credit in the future. Lenders and credit organizations use your credit score to calculate how much credit they are willing to offer you and what kind of interest rate you qualify for.

No, they are different but related. Your credit score is one aspect of your credit report. Your credit report contains your personal information, credit history, credit inquiries, late payment history, collections history, and other public records pertaining to your finances.

A credit bureau is an organization that records data on your credit usage and financial habits. They make this data available to potential lenders and credit card companies so those establishments can determine your creditworthiness. The three credit bureaus used by lenders are TransUnion, Equifax, and Experian.

In general, most scoring models will rank your credit score against five tiers:

800 to 850: Excellent

These individuals have the best credit and are considered low-risk borrowers. It will be very easy for these folks to secure a loan or get approved for a low-interest rate.

740 to 799: Very Good

These individuals have demonstrated a great credit history and may have an easier time getting approved for more credit.

670 to 739: Good

Lenders still view this credit ranking as lower-risk and will likely approve these individuals for further credit, though they may not secure the lowest interest rates.

580 to 669: Fair

These individuals are considered "subprime" borrowers because they have demonstrated a history of higher-risk debt management.

300 to 579: Poor

It will be difficult for individuals in this range to secure new credit. Most in this category must significantly improve their credit score before they will be considered for new loans or credit cards.

There are many options to get your credit score. Most credit card companies and financial service organizations offer free credit monitoring to their users. You can also get your score directly from credit reporting companies.

Many factors can lower your credit score. It is much easier to decrease your score than it is to increase your score. Things that can significantly harm your credit score include:

• Late payments on bills

• Filing for bankruptcy or foreclosure

• Applying for too much new credit at once

• High debt-to-income ratio

• Carrying high credit card balances month-to-month

There are five key ways to improve your credit score:

• A good payment history

• Lowering your amount of debt

• Lengthening your credit history

• Increasing your credit mix

• Increasing your available credit

Getting rid of debt and paying all your bills on time are the two most important ways to increase your credit score. This can be difficult when you are dealing with unmanageable debt.

Credit repair is the process through which you improve your creditworthiness by increasing your credit score to open up more financial opportunities for yourself. This is done by changing your financial habits and addressing any negative marks on your credit report that may affect your score. A credit repair expert can help you work with credit bureaus and your creditors to verify which negative items may be inaccurate and determine if they can be removed.

Credit repair is a process that varies from individual to individual. Repair can take months or even years, depending on the legal and financial methods used to improve your credit. For example, if you file for bankruptcy to clear your debt and start fresh, the bankruptcy will remain on your report for up to seven years—which can limit your ability to improve your score during that time.

Yes! Even with a bankruptcy or foreclosure on your credit report, improving your credit with some simple changes to your financial habits is possible. It may be challenging to get approved for new credit in the first few years after bankruptcy or foreclosure, but there are other ways to boost your score, like a secured credit card or approval as an authorized user on a trusted friend or family member's account.