A credit score is a number generated by a mathematical formula that is meant to predict credit worthiness. Credit scores range from 300-900. The higher your score is, the more likely you are to get a loan. The lower your score is, the less likely you are to get a loan. If you have a low credit score and you do manage to get approved for credit, your interest rate will be much higher than someone who has a good credit score. Therefore, having a high credit score can save you thousands of dollars over the life of your mortgage, auto loan or credit cards.