A credit score is a numerical number or score that represents your reputation is as a borrower. Essentially, your credit score sums up the information on your credit report into one number.
A higher score means you have a good credit rating, with a lower score meaning you have a bad credit rating.
Having a good credit score means most banks will approve your loan application, however a poor credit score may result in your loan application being declined.
The majority of banks now use this system, however there are a number of lenders that do not take this into account.