More today than ever before, our increasingly tight credit market demands a high credit score. Why? Over three quarters of all lenders use credit scores when approving loans or credit. The importance of your credit score doesn't end there.
It's also used to determine your interest rate, the amount of your down payment and the variety of mortgage types available to you if you're buying a house, your ability to get a car loan, the premium on your auto or homeowner's insurance, and even your ability to get a job.
For example, some insurers are using low credit scores as indicators to identify individuals they believe are more likely to make claims against their insurance policies.
Last, but not least, if you have a low credit score, you'll pay a higher interest rate on bank loans and credit cards, and may even see your credit limit decreased.
Certified Credit Consultant