What type of credit experiences can someone with no credit history expect to have? Lending institutions such as banks and credit unions rarely lend money to people with no credit, because they have no history to indicate how likely they will be to pay back the loan.

What type of credit experiences can someone with a bad credit history expect to have? Future borrowing is difficult and in some cases impossible, because there is no basis for a lending institution to trust that the money will be repaid.

What type of credit experiences can someone with a good credit history expect to have? They can be granted credit more easily and with less stringent conditions.

A credit score determines your credit grade and is based on the data found in your credit report. The credit score broadly refers to a number generated by a credit-scoring model to determine a person's creditworthiness. Commonly, there are six ranges:

• 720 – 850 A+
• 700 – 719 A
• 675 – 699 B+
• 620 – 674 B
• 560 – 619 C
• 500 – 559 D

There is no single cutoff score used by all lenders—and there are additional factors that lenders use—but basically, the higher the score, the higher your creditworthiness and the lower the risk.