What does my Score mean?

An individual’s Credit Score provides a lender with an indication of the ”probability of default” by the individual based on their credit history. What this means in simple English is that the Score tells a lender how likely you are, to pay back a loan (should the lender choose to sanction your loan) based on your past pattern of credit usage and loan repayment behaviour. The closer you are to 900, the more confidence the lender will have in your ability to repay the loan and hence, the better the chances of your application getting approved.