There are many different credit scores, typically between 300 and 850. At Spot, our credit score rating is between 300 and 750. A credit score is designed to represent your credit risk or the likelihood of you paying your bills or loans on time. So a high credit score is a signal to the people in suits that you’re less likely to default on your bills or loan payments. This means that you’re likely to be offered low-interest rate loans. The lower your interest rate, the less money you end up paying back. You get it, a lower interest rate means more money in your pocket.
If you’d like to check out your credit score, download the Spot app and we’ll present you with your credit score using the info you provide us on registration.