A credit score is a three-digit value that represents your credit history and tells the lender how likely it is that you'll repay your debt. It's calculated using factors like how long your credit's been open, how much credit you have, and how much of it you use.
Whenever you apply for credit, like a home loan, lenders will use this number to decide whether to approve you for a loan and under what terms. Credit scores typically range from 300-850.
Your credit score is generated by the three major credit bureaus, Equifax, Experian, and TransUnion®, using a credit-scoring model. The most often used credit-scoring model is one developed by FICO® and it's based on several factors, like credit usage and available credit.
However, your score is never on personal information such as race, gender, or ethnicity.
A "good" score varies slightly from lender to lender, but one thing remains the same --the higher your credit score, the better it is for you. A higher score generally means that you're low risk for defaulting on your loan, making it more likely that you get offered more credit and better terms.
Generally speaking, credit scores over 670 are considered to be good. Above 740 is very good, and any score of 800+ is exceptional.