Chemistry exam score. Math quiz score. Packer game score – all scores that could be running through a college student’s mind.

But what about a credit score?

A credit score can determine whether or not a person is approved for loans, the interest rate on loans, the cost of insurance, their ability to rent an apartment or home and possibly being hired for a job.

Senior Michael Hecimovich said that although he is aware of his spending habits and thinks he is fiscally responsible, he does not know what his credit score is.

“I don’t really know what (a credit score) pertains to really,” he said. “Maybe credit cards or credit in general.”

A credit score is a numerical value used by lenders, landlords and employers to assess the credit risk of an individual, according the Federal Trade Commission. It is used to predict how credit-worthy a person is – how quickly a person can pay off a loan. The better the credit score, the more likely the person can pay off a loan faster and be less of a financial risk to the lender.

Credit scores, also called FICO scores, consider five different categories and calculate a number between 300 and 850, higher numbers being the better scores, according to Fair Isaac Corporation.

Thirty-five percent of a credit score is one’s payment history on credit cards. Another 30 percent factors in the actual amount of money a person owes. Ten percent includes the number of credit inquiries, the number of new credit accounts and the diversity of the types of loans a person has. The last 15 percent factors in the time period of one’s credit history.

A high credit score indicates a person is likely not a financial risk, so the person generally qualifies for lower interest rates and could save money over time while paying back loans, according to Fair Isaac.

But what happens if one’s credit score is less than perfect? Will he or she always be stuck with a poor credit score?

There are ways to maintain a healthy credit score and improve lower scores over time, according to the FTC. Making payments on time and always making more than the minimum payment for credit cards is an easy way to improve credit scores.

Kathy Sahlhoff, director of the Financial Aid Office, said using a credit card carefully can be a good way to improve a credit score.

“Credit cards are not bad, misusing credit cards is bad,” she said.

Sahlhoff said she encourages students to be active in budgeting so students always know what kind of money is available to them and so they can avoid getting into debt.

She said her biggest advice to students is to watch their credit cards closely.

“Using a credit card in the right way, with discipline, can be a good thing,” Sahlhoff said. “The catch there is discipline.”

Mistakes that lower credit scores
1. Paying credit card bills late
2. Not paying the minimum amount due
3. Keeping debt levels too high
4. Having too many credit card accounts or opening too many accounts too quickly, especially if the person has a short credit history
5. Not alerting creditors to changes in name or address
6. Not periodically checking one’s credit report
7. Not using one’s full, legal name in financial documents

Ways to improve credit score
1. Making payments on time
2. Keeping one’s balance relatively low in relation to the available balance
3. Make more than the minimum payment
4. Avoid opening too many accounts over a short period of time
5. Pay off debt rather than move it from card to card
6. Review one’s credit report regularly and correcting any possible errors that could affect his or her credit score

– FTC’s Web site