By bridgeMLS
Your credit score is one of the most important measures of your financial health. In a quick glance, your score tells lenders how responsibly you use credit and your likelihood of repaying new debt. Your credit score if checked for a variety of reasons, including home loans, property or auto rentals, a new job, credit card, insurance, cell phone service, and cable/utilities. The better your score, the more likely you will be approved for new loans or lines of credit. Individuals with higher credit scores are considered low-risk borrowers and are offered the best available interest rates, promotional fees, and perks, saving them hundreds of thousands of dollars over the course of their lifetime. On the contrary, individuals with poor credit scores are considered high-risk borrowers, receive higher interest rates and struggle to get approval for housing or even life insurance. It is vital to understand these scores, what factors impact you the most, and how you can improve your score.
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