A credit rating is an estimation or grading of the likelihood that you'll pay back debts on time. Lenders often use numbers called credit scores that are based on your credit history to judge your credit worthiness. The terms credit rating and credit score are sometimes used interchangeably when referring to individual borrowers. Credit scores take several considerations into account, such as your total amount of debt, payment history, length of credit history, the types of debt you have and whether you have taken out new debts recently.